HTML
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020 (UNAUDITED)
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Shares |
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Cost |
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Value |
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Common Stocks (99.45%) |
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Communication Services (6.00%) |
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Cable & Satellite (1.14%) |
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425,000 |
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Liberty Broadband Corporation,
Cl C 1 |
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$ |
32,000,688 |
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$ |
67,307,250 |
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Interactive Media & Services (4.86%) |
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542,000 |
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Pinterest, Inc., Cl A 1 |
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21,216,031 |
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35,717,800 |
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1,287,965 |
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Zillow Group, Inc., Cl C 1 |
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44,039,787 |
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167,177,857 |
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1,755,709 |
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ZoomInfo Technologies Inc., Cl A 1 |
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44,675,584 |
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84,677,845 |
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109,931,402 |
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287,573,502 |
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Total Communication Services |
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141,932,090 |
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354,880,752 |
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Consumer Discretionary (8.07%) |
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Education Services (0.58%) |
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200,000 |
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Bright Horizons Family Solutions, Inc.
1 |
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22,917,264 |
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34,598,000 |
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Hotels, Resorts & Cruise Lines (1.69%) |
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556,442 |
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Choice Hotels International, Inc. |
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5,979,508 |
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59,389,055 |
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543,233 |
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Hyatt Hotels Corp., Cl A |
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16,817,762 |
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40,335,050 |
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22,797,270 |
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99,724,105 |
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Internet & Direct Marketing Retail (2.90%) |
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9,428 |
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Airbnb, Inc., Cl A 1,4 |
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641,104 |
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1,384,030 |
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19,759 |
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Booking Holdings, Inc. 1 |
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3,141,066 |
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44,008,628 |
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186,454 |
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DoorDash, Inc., Cl A 1 |
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19,018,308 |
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26,616,309 |
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1,025,000 |
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Farfetch Limited, Cl A 1,2 |
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29,811,176 |
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65,405,250 |
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578,000 |
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Stitch Fix, Inc., Cl A 1 |
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37,155,623 |
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33,940,160 |
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89,767,277 |
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171,354,377 |
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Leisure Facilities (2.90%) |
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613,538 |
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Vail Resorts, Inc. |
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11,879,547 |
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171,152,560 |
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Total Consumer Discretionary |
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147,361,358 |
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476,829,042 |
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Financials (10.65%) |
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Asset Management & Custody Banks (0.74%) |
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287,514 |
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T. Rowe Price Group, Inc. |
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9,128,544 |
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43,526,745 |
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Financial Exchanges & Data (5.17%) |
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375,725 |
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FactSet Research Systems, Inc. |
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20,179,925 |
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124,928,562 |
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257,267 |
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MarketAxess Holdings, Inc. |
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31,487,484 |
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146,786,260 |
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30,000 |
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MSCI, Inc. |
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7,783,774 |
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13,395,900 |
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326,189 |
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Tradeweb Markets, Inc., Cl A |
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11,978,713 |
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20,370,503 |
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71,429,896 |
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305,481,225 |
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Insurance Brokers (0.96%) |
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269,421 |
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Willis Towers Watson plc 2 |
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33,140,160 |
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56,761,616 |
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Investment Banking & Brokerage (1.64%) |
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1,825,936 |
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The Charles Schwab Corp. |
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1,609,714 |
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96,847,645 |
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Property & Casualty Insurance (1.34%) |
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2,203,444 |
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Arch Capital Group Ltd. 1,2 |
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7,933,936 |
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79,478,225 |
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Regional Banks (0.80%) |
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320,421 |
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First Republic Bank |
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8,284,701 |
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47,079,458 |
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Total Financials |
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131,526,951 |
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629,174,914 |
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Shares |
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Cost |
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Value |
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Common Stocks (continued) |
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Health Care (24.90%) |
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Biotechnology (0.26%) |
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121,925 |
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Acceleron Pharma, Inc. 1 |
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$
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11,278,062 |
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$
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15,599,084 |
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Health Care Equipment (9.62%) |
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178,000 |
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DexCom, Inc. 1 |
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57,208,055 |
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65,810,160 |
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849,630 |
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IDEXX Laboratories, Inc. 1 |
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15,671,864 |
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424,704,548 |
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189,644 |
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Teleflex, Inc. |
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37,305,542 |
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78,051,781 |
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110,185,461 |
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568,566,489 |
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Health Care Supplies (3.78%) |
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215,418 |
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The Cooper Companies, Inc. |
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36,713,299 |
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78,265,668 |
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513,404 |
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West Pharmaceutical Services, Inc. |
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22,313,258 |
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145,452,487 |
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59,026,557 |
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223,718,155 |
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Health Care Technology (2.38%) |
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382,356 |
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GoodRx Holdings, Inc., Cl A 1 |
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15,017,303 |
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15,424,241 |
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459,386 |
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Veeva Systems, Inc., Cl A 1 |
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27,115,596 |
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125,067,839 |
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42,132,899 |
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140,492,080 |
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Life Sciences Tools & Services (8.86%) |
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100,682 |
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10X Genomics, Inc., Cl A 1 |
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3,926,598 |
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14,256,571 |
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399,986 |
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Bio-Techne Corporation |
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39,595,545 |
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127,015,554 |
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336,000 |
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Guardant Health, Inc. 1,4 |
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29,804,184 |
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43,303,680 |
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302,552 |
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Illumina, Inc. 1 |
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13,002,071 |
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111,944,240 |
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199,117 |
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Mettler-Toledo International, Inc.
1 |
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12,014,431 |
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226,929,663 |
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98,342,829 |
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523,449,708 |
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Total Health Care |
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320,965,808 |
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1,471,825,516 |
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Industrials (16.12%) |
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Agricultural & Farm Machinery (0.76%) |
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475,045 |
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The Toro Co. |
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29,117,085 |
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45,053,268 |
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Environmental & Facilities Services (1.09%) |
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1,643,418 |
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Rollins, Inc. |
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24,597,483 |
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64,208,341 |
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Industrial Conglomerates (1.99%) |
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272,192 |
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Roper Technologies, Inc. |
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31,306,147 |
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117,339,250 |
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Industrial Machinery (1.32%) |
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390,760 |
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IDEX Corporation |
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28,326,833 |
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77,839,392 |
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Research & Consulting Services (10.96%) |
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2,230,474 |
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Clarivate Analytics Plc 1,2 |
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35,903,681 |
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66,267,383 |
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215,493 |
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CoStar Group, Inc. 1 |
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42,162,593 |
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199,175,870 |
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1,468,500 |
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TransUnion |
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79,691,638 |
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145,704,570 |
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1,141,206 |
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Verisk Analytics, Inc. |
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28,928,852 |
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236,902,953 |
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186,686,764 |
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648,050,776 |
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Total Industrials |
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300,034,312 |
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952,491,027 |
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See Notes to Schedules of
Investments.
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020 (UNAUDITED)
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Shares |
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Cost |
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Value |
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Common Stocks (continued) |
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Information Technology (28.85%) |
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Application Software (14.97%) |
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586,856 |
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ANSYS, Inc. 1 |
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$
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23,572,715 |
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$
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213,498,213 |
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395,300 |
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Aspen Technology, Inc. 1 |
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40,628,908 |
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51,487,825 |
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1,636,093 |
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Ceridian HCM Holding, Inc. 1 |
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64,026,866 |
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174,342,070 |
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88,000 |
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Fair Isaac Corp. 1 |
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33,912,009 |
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44,971,520 |
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1,421,809 |
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Guidewire Software, Inc. 1 |
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77,473,157 |
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183,029,472 |
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250,000 |
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RingCentral, Inc., Cl A 1 |
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55,551,746 |
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94,742,500 |
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771,076 |
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SS&C Technologies Holdings, Inc. |
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20,933,204 |
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56,095,779 |
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83,000 |
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The Trade Desk, Inc., Cl A 1 |
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16,471,978 |
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66,483,000 |
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332,570,583 |
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884,650,379 |
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Data Processing & Outsourced Services (2.33%) |
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684,217 |
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Fidelity National Information Services, Inc. |
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40,047,298 |
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96,789,337 |
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|
149,448 |
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FleetCor Technologies, Inc. 1 |
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5,409,936 |
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40,773,898 |
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45,457,234 |
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137,563,235 |
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Electronic Components (0.99%) |
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450,000 |
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Amphenol Corp., Cl A |
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42,881,684 |
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58,846,500 |
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Internet Services & Infrastructure (5.38%) |
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680,000 |
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GDS Holdings Limited, ADR 1,2 |
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40,586,224 |
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63,675,200 |
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|
597,103 |
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Verisign, Inc. 1 |
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27,690,138 |
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129,213,089 |
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|
500,000 |
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Wix.com Ltd. 1,2 |
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|
46,031,912 |
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124,980,000 |
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114,308,274 |
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317,868,289 |
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IT Consulting & Other Services (4.29%) |
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|
1,584,323 |
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Gartner, Inc. 1 |
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39,586,888 |
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|
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253,792,701 |
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Technology Distributors (0.89%) |
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|
397,363 |
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CDW Corp. |
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26,228,965 |
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|
|
52,368,470 |
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|
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|
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|
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|
|
|
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Total Information Technology |
|
|
601,033,628 |
|
|
|
1,705,089,574 |
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Real Estate (4.86%) |
|
|
|
|
|
Real Estate Services (0.60%) |
|
|
567,323 |
|
|
CBRE Group, Inc., Cl A 1 |
|
|
6,349,180 |
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|
|
35,582,499 |
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|
|
|
|
|
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Specialized REITs (4.26%) |
|
|
205,000 |
|
|
Alexandria Real Estate Equities, Inc.
4 |
|
|
31,042,395 |
|
|
|
36,535,100 |
|
|
127,416 |
|
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Equinix, Inc. |
|
|
10,066,062 |
|
|
|
90,997,959 |
|
|
440,856 |
|
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SBA Communications Corp. |
|
|
11,715,567 |
|
|
|
124,378,703 |
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
52,824,024 |
|
|
|
251,911,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total Real Estate |
|
|
59,173,204 |
|
|
|
287,494,261 |
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|
|
|
|
|
|
|
|
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|
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|
|
|
Total Common Stocks |
|
|
1,702,027,351 |
|
|
|
5,877,785,086 |
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|
|
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|
|
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|
|
|
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|
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Shares |
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|
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|
Cost |
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|
Value |
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Private Preferred Stocks (0.45%) |
|
Industrials (0.45%) |
|
|
|
|
|
Aerospace & Defense (0.45%) |
|
|
96,298 |
|
|
Space Exploration Technologies Corp., Cl N 1,3,4,6 |
|
$
|
26,000,460 |
|
|
$
|
26,358,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
Private Partnerships (0.00%) |
|
|
|
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Financials (0.00%) |
|
|
|
|
|
Asset Management & Custody Banks (0.00%) |
|
|
7,056,223 |
|
|
Windy City Investments Holdings, L.L.C.
1,3,4,6 |
|
|
0 |
|
|
|
184,167 |
|
|
|
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|
|
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Principal Amount |
|
|
|
|
|
|
Short Term Investments (0.09%) |
|
|
|
|
|
$5,341,808 |
|
|
Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2020, 0.00% due 1/4/2021;
Proceeds at maturity $5,341,808; (Fully collateralized by $4,894,400 U.S. Treasury Note, 2.25% due 2/15/2027; Market value $5,448,654)5 |
|
|
5,341,808 |
|
|
|
5,341,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments (99.99%) |
|
$ |
1,733,369,619 |
|
|
|
5,909,669,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Other Assets Less Liabilities (0.01%) |
|
|
|
436,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
|
|
|
|
|
$ |
5,910,106,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Shares (Equivalent to $111.11 per share based on 25,138,868 shares
outstanding) |
|
|
$ |
2,793,174,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares (Equivalent to $116.30 per share based on 25,313,569
shares outstanding) |
|
|
$ |
2,943,940,595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R6 Shares (Equivalent to $116.28 per share based on 1,487,734 shares
outstanding) |
|
|
$ |
172,990,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
Represents percentage of net assets. |
1 |
Non-income producing securities. |
3 |
At December 31, 2020, the market value of restricted and fair valued securities amounted to $26,542,856 or
0.45% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities. |
4 |
The Adviser has reclassified/classified certain securities in or out of this
sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited). |
5 |
Level 2 security. See Note 4 regarding Fair Value Measurements. |
6 |
Level 3 security. See Note 4 regarding Fair Value Measurements. |
ADR |
American Depositary Receipt. |
|
All securities are Level 1, unless otherwise noted.
|
See Notes to Schedules of
Investments.
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020 (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
Cost |
|
|
Value |
|
Common Stocks (99.88%) |
|
Communication Services (4.82%) |
|
|
|
|
|
Alternative Carriers (4.01%) |
|
|
8,835,000 |
|
|
Iridium Communications, Inc. 1,4 |
|
$ |
55,571,865 |
|
|
$ |
347,436,375 |
|
|
|
|
|
|
|
Movies & Entertainment (0.81%) |
|
|
4,200,000 |
|
|
Manchester United plc, Cl A 2 |
|
|
58,275,334 |
|
|
|
70,308,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Communication Services |
|
|
113,847,199 |
|
|
|
417,744,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary (21.81%) |
|
|
|
|
|
Casinos & Gaming (6.94%) |
|
|
440,000 |
|
|
Boyd Gaming Corporation |
|
|
11,056,072 |
|
|
|
18,884,800 |
|
|
6,250,000 |
|
|
Penn National Gaming, Inc. 1 |
|
|
87,682,607 |
|
|
|
539,812,500 |
|
|
1,695,000 |
|
|
Red Rock Resorts, Inc., Cl A |
|
|
31,634,189 |
|
|
|
42,442,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
130,372,868 |
|
|
|
601,140,100 |
|
|
|
|
|
|
|
Education Services (2.74%) |
|
|
1,370,000 |
|
|
Bright Horizons Family Solutions, Inc.
1 |
|
|
43,400,248 |
|
|
|
236,996,300 |
|
|
|
|
|
|
|
Hotels, Resorts & Cruise Lines (5.69%) |
|
|
3,000,000 |
|
|
Choice Hotels International, Inc. 4 |
|
|
72,782,127 |
|
|
|
320,190,000 |
|
|
1,260,000 |
|
|
Marriott Vacations Worldwide Corp. |
|
|
67,382,523 |
|
|
|
172,897,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
140,164,650 |
|
|
|
493,087,200 |
|
|
|
|
|
|
|
Leisure Facilities (6.44%) |
|
|
2,000,000 |
|
|
Vail Resorts, Inc. |
|
|
56,102,209 |
|
|
|
557,920,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Discretionary |
|
|
370,039,975 |
|
|
|
1,889,143,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financials (28.76%) |
|
|
|
|
|
Asset Management & Custody Banks (2.40%) |
|
|
2,000,000 |
|
|
The Carlyle Group, Inc. |
|
|
41,736,064 |
|
|
|
62,880,000 |
|
|
1,955,000 |
|
|
Cohen & Steers, Inc. |
|
|
45,702,409 |
|
|
|
145,256,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
87,438,473 |
|
|
|
208,136,500 |
|
|
|
|
|
|
|
Financial Exchanges & Data (16.48%) |
|
|
1,200,000 |
|
|
FactSet Research Systems, Inc. |
|
|
59,954,575 |
|
|
|
399,000,000 |
|
|
1,100,000 |
|
|
Morningstar, Inc. |
|
|
23,159,632 |
|
|
|
254,727,000 |
|
|
1,732,500 |
|
|
MSCI, Inc. |
|
|
32,728,144 |
|
|
|
773,613,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
115,842,351 |
|
|
|
1,427,340,225 |
|
|
|
|
|
|
|
Investment Banking & Brokerage (0.76%) |
|
|
450,000 |
|
|
Houlihan Lokey, Inc. |
|
|
19,625,874 |
|
|
|
30,253,500 |
|
|
760,000 |
|
|
Moelis & Co., Cl A |
|
|
16,518,301 |
|
|
|
35,537,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,144,175 |
|
|
|
65,791,100 |
|
|
|
|
|
|
|
Life & Health Insurance (2.71%) |
|
|
1,750,000 |
|
|
Primerica, Inc. |
|
|
37,105,539 |
|
|
|
234,377,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
Cost |
|
|
Value |
|
Common Stocks (continued) |
|
Financials (continued) |
|
|
|
|
|
Property & Casualty Insurance (6.15%) |
|
|
9,225,000 |
|
|
Arch Capital Group Ltd. 1,2 |
|
$
|
28,835,970 |
|
|
$
|
332,745,750 |
|
|
1,000,000 |
|
|
Kinsale Capital Group, Inc. |
|
|
35,007,763 |
|
|
|
200,130,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63,843,733 |
|
|
|
532,875,750 |
|
|
|
|
|
|
|
Thrifts & Mortgage Finance (0.26%) |
|
|
520,000 |
|
|
Essent Group Ltd. 2 |
|
|
14,300,211 |
|
|
|
22,464,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Financials |
|
|
354,674,482 |
|
|
|
2,490,985,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care (13.82%) |
|
|
|
|
|
Biotechnology (0.66%) |
|
|
678,051 |
|
|
Denali Therapeutics, Inc. 1 |
|
|
12,825,338 |
|
|
|
56,793,552 |
|
|
|
|
|
|
|
Health Care Equipment (4.92%) |
|
|
852,500 |
|
|
IDEXX Laboratories, Inc. 1 |
|
|
12,334,578 |
|
|
|
426,139,175 |
|
|
|
|
|
|
|
Health Care Supplies (2.24%) |
|
|
573,717 |
|
|
Neogen Corp. 1 |
|
|
13,141,411 |
|
|
|
45,495,758 |
|
|
525,000 |
|
|
West Pharmaceutical Services, Inc. |
|
|
17,892,374 |
|
|
|
148,737,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,033,785 |
|
|
|
194,233,508 |
|
|
|
|
|
|
|
Health Care Technology (0.95%) |
|
|
329,169 |
|
|
American Well Corp., Cl A 1 |
|
|
5,925,042 |
|
|
|
8,337,850 |
|
|
932,121 |
|
|
Schrödinger, Inc. 1 |
|
|
13,870,880 |
|
|
|
73,805,341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,795,922 |
|
|
|
82,143,191 |
|
|
|
|
|
|
|
Life Sciences Tools & Services (4.73%) |
|
|
432,655 |
|
|
Adaptive Biotechnologies Corporation
1 |
|
|
14,268,834 |
|
|
|
25,582,890 |
|
|
850,000 |
|
|
Bio-Techne Corporation |
|
|
44,923,357 |
|
|
|
269,917,500 |
|
|
100,000 |
|
|
Mettler-Toledo International, Inc.
1 |
|
|
4,577,488 |
|
|
|
113,968,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63,769,679 |
|
|
|
409,468,390 |
|
|
|
|
|
|
|
Pharmaceuticals (0.32%) |
|
|
598,076 |
|
|
Dechra Pharmaceuticals PLC (United
Kingdom)2,6 |
|
|
18,422,044 |
|
|
|
28,167,426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Health Care |
|
|
158,181,346 |
|
|
|
1,196,945,242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrials (9.62%) |
|
|
|
|
|
Building Products (2.27%) |
|
|
2,350,000 |
|
|
Trex Company, Inc. 1 |
|
|
21,287,801 |
|
|
|
196,742,000 |
|
|
|
|
|
|
|
Environmental & Facilities Services (0.21%) |
|
|
1,220,102 |
|
|
BrightView Holdings, Inc. 1 |
|
|
15,117,285 |
|
|
|
18,447,942 |
|
|
|
|
|
|
|
Industrial Machinery (0.55%) |
|
|
1,275,000 |
|
|
Desktop Metal, Inc 1,3,7 |
|
|
12,750,000 |
|
|
|
21,012,000 |
|
|
4,275,000 |
|
|
Marel hf (Netherlands)2 |
|
|
18,281,670 |
|
|
|
26,217,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,031,670 |
|
|
|
47,229,222 |
|
|
|
|
|
|
|
Research & Consulting Services (6.59%) |
|
|
617,500 |
|
|
CoStar Group, Inc. 1 |
|
|
25,941,114 |
|
|
|
570,742,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Industrials |
|
|
93,377,870 |
|
|
|
833,162,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Schedules of
Investments.
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020 (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
Cost |
|
|
Value |
|
Common Stocks (continued) |
|
Information Technology (15.40%) |
|
|
|
|
|
Application Software (11.54%) |
|
|
725,000 |
|
|
Altair Engineering, Inc., Cl A 1 |
|
$
|
11,330,019 |
|
|
$
|
42,180,500 |
|
|
1,335,000 |
|
|
ANSYS, Inc. 1 |
|
|
31,193,630 |
|
|
|
485,673,000 |
|
|
1,025,000 |
|
|
Guidewire Software, Inc. 1 |
|
|
31,789,103 |
|
|
|
131,948,250 |
|
|
1,000,000 |
|
|
Pegasystems, Inc. |
|
|
13,997,009 |
|
|
|
133,260,000 |
|
|
2,837,500 |
|
|
SS&C Technologies Holdings, Inc. |
|
|
22,006,210 |
|
|
|
206,428,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
110,315,971 |
|
|
|
999,489,875 |
|
|
|
|
|
|
|
Electronic Components (0.32%) |
|
|
110,000 |
|
|
Littelfuse, Inc. |
|
|
11,860,664 |
|
|
|
28,012,600 |
|
|
|
|
|
|
|
Internet Services & Infrastructure (0.58%) |
|
|
200,000 |
|
|
Wix.com Ltd. 1,2 |
|
|
10,748,573 |
|
|
|
49,992,000 |
|
|
|
|
|
|
|
IT Consulting & Other Services (2.96%) |
|
|
1,600,000 |
|
|
Gartner, Inc. 1 |
|
|
22,491,963 |
|
|
|
256,304,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Information Technology |
|
|
155,417,171 |
|
|
|
1,333,798,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate (5.59%) |
|
|
|
|
|
Office REITs (1.24%) |
|
|
3,700,000 |
|
|
Douglas Emmett, Inc. |
|
|
40,811,196 |
|
|
|
107,966,000 |
|
|
|
|
|
|
|
Specialized REITs (4.35%) |
|
|
750,000 |
|
|
Alexandria Real Estate Equities, Inc.
5 |
|
|
26,366,340 |
|
|
|
133,665,000 |
|
|
360,000 |
|
|
American Assets Trust, Inc. |
|
|
6,552,304 |
|
|
|
10,396,800 |
|
|
5,482,137 |
|
|
Gaming and Leisure Properties, Inc. |
|
|
118,398,478 |
|
|
|
232,442,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
151,317,122 |
|
|
|
376,504,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Real Estate |
|
|
192,128,318 |
|
|
|
484,470,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Purpose Acquisition Company (0.06%) |
|
|
500,000 |
|
|
Yucaipa Acquisition Corp. 1,2 |
|
|
5,000,000 |
|
|
|
5,100,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
1,442,666,361 |
|
|
|
8,651,349,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private Convertible Preferred Stocks (0.39%) |
|
Industrials (0.14%) |
|
|
|
|
|
Electrical Components & Equipment (0.14%) |
|
|
59,407,006 |
|
|
Northvolt AB Series E (Sweden)
2,3,5,7 |
|
|
9,374,989 |
|
|
|
11,800,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Materials (0.25%) |
|
|
|
|
|
Fertilizers & Agricultural Chemicals (0.13%) |
|
|
341,838 |
|
|
Farmers Business Network, Inc., Series F 1,3,5,7 |
|
|
11,300,002 |
|
|
|
11,509,685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty Chemicals (0.12%) |
|
|
1,256,332 |
|
|
Zymergen, Inc., Series D 1,3,5,7 |
|
|
9,350,000 |
|
|
|
10,314,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Materials |
|
|
20,650,002 |
|
|
|
21,824,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Private Convertible Preferred Stocks |
|
|
30,024,991 |
|
|
|
33,624,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
Cost |
|
|
Value |
|
Private Partnerships (0.00%) |
|
Financials (0.00%) |
|
|
|
|
|
Asset Management & Custody Banks (0.00%) |
|
|
2,375,173 |
|
|
Windy City Investments Holdings, L.L.C.
1,3,5,7 |
|
$
|
0 |
|
|
$
|
61,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants (0.01%) |
|
Consumer Discretionary (0.01%) |
|
|
|
|
|
Hotels, Resorts & Cruise Lines (0.01%) |
|
|
96,515 |
|
|
OneSpaWorld Holdings Ltd. Warrants, Exp 3/19/2024 1,2,5,6 |
|
|
0 |
|
|
|
526,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments (100.28%) |
|
$ |
1,472,691,352 |
|
|
|
8,685,562,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities Less Cash and Other Assets
(-0.28%) |
|
|
|
(23,871,277 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
|
|
|
|
|
$ |
8,661,691,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Shares (Equivalent to $104.54 per share based on 27,584,659 shares
outstanding) |
|
|
$ |
2,883,656,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares (Equivalent to $108.85 per share based on 51,203,195
shares outstanding) |
|
|
$ |
5,573,597,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R6 Shares (Equivalent to $108.87 per share based on 1,877,876 shares
outstanding) |
|
|
$ |
204,437,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
Represents percentage of net assets. |
1 |
Non-income producing securities. |
3 |
At December 31, 2020, the market value of restricted and fair valued securities amounted to $54,698,177 or
0.63% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities. |
4 |
See Note 6 regarding Affiliated companies. |
5 |
The Adviser has reclassified/classified certain securities in or out of this
sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited). |
6 |
Level 2 security. See Note 4 regarding Fair Value Measurements. |
7 |
Level 3 security. See Note 4 regarding Fair Value Measurements. |
|
All securities are Level 1, unless otherwise noted.
|
See Notes to Schedules of
Investments.
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020 (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
Cost |
|
|
Value |
|
Common Stocks (98.01%) |
|
Communication Services (4.30%) |
|
|
|
|
|
|
|
Cable & Satellite (1.97%) |
|
|
100,000 |
|
|
Liberty Broadband Corporation, Cl A
1 |
|
$ |
404,823 |
|
|
$ |
15,758,000 |
|
|
260,000 |
|
|
Liberty Broadband Corporation, Cl C
1 |
|
|
1,017,091 |
|
|
|
41,176,200 |
|
|
1,000,000 |
|
|
Liberty Media Corp.-Liberty SiriusXM, Cl C
1 |
|
|
2,168,308 |
|
|
|
43,510,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,590,222 |
|
|
|
100,444,200 |
|
|
|
|
|
|
|
Movies & Entertainment (2.33%) |
|
|
1,250,000 |
|
|
Liberty Media Corporation-Liberty Formula One, Cl C
1 |
|
|
22,521,105 |
|
|
|
53,250,000 |
|
|
225,000 |
|
|
Madison Square Garden Entertainment Corp.
1 |
|
|
3,552,159 |
|
|
|
23,634,000 |
|
|
225,000 |
|
|
Madison Square Garden Sports Corp.
1 |
|
|
8,416,556 |
|
|
|
41,422,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,489,820 |
|
|
|
118,306,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Communication Services |
|
|
38,080,042 |
|
|
|
218,750,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary (16.65%) |
|
|
|
|
|
|
|
Auto Parts & Equipment (0.21%) |
|
|
100,000 |
|
|
Fox Factory Holding Corp. 1 |
|
|
8,360,558 |
|
|
|
10,571,000 |
|
|
|
|
|
|
|
Casinos & Gaming (3.82%) |
|
|
1,000,000 |
|
|
DraftKings, Inc., Cl A 1 |
|
|
12,833,717 |
|
|
|
46,560,000 |
|
|
1,200,000 |
|
|
Penn National Gaming, Inc. 1 |
|
|
21,405,754 |
|
|
|
103,644,000 |
|
|
1,750,000 |
|
|
Red Rock Resorts, Inc., Cl A |
|
|
33,900,258 |
|
|
|
43,820,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68,139,729 |
|
|
|
194,024,000 |
|
|
|
|
|
|
|
Education Services (2.21%) |
|
|
650,000 |
|
|
Bright Horizons Family Solutions, Inc.
1 |
|
|
20,000,397 |
|
|
|
112,443,500 |
|
|
|
|
|
|
|
General Merchandise Stores (1.17%) |
|
|
725,000 |
|
|
Ollies Bargain Outlet Holdings, Inc.
1 |
|
|
46,442,541 |
|
|
|
59,283,250 |
|
|
|
|
|
|
|
Home Improvement Retail (2.74%) |
|
|
1,500,000 |
|
|
Floor & Decor Holdings, Inc., Cl A 1 |
|
|
54,941,906 |
|
|
|
139,275,000 |
|
|
|
|
|
|
|
Homebuilding (3.36%) |
|
|
1,675,000 |
|
|
Installed Building Products, Inc. 1,3 |
|
|
96,796,123 |
|
|
|
170,732,750 |
|
|
|
|
|
|
|
Hotels, Resorts & Cruise Lines (0.45%) |
|
|
2,250,000 |
|
|
OneSpaWorld Holdings Ltd. 2,4 |
|
|
24,000,000 |
|
|
|
22,815,000 |
|
|
|
|
|
|
|
Internet & Direct Marketing Retail (0.38%) |
|
|
100,000 |
|
|
Fiverr International Ltd. 1,2 |
|
|
6,000,000 |
|
|
|
19,510,000 |
|
|
|
|
|
|
|
Leisure Facilities (1.22%) |
|
|
800,000 |
|
|
Planet Fitness, Inc., Cl A 1 |
|
|
28,416,504 |
|
|
|
62,104,000 |
|
|
|
|
|
|
|
Restaurants (1.09%) |
|
|
1,500,000 |
|
|
The Cheesecake Factory, Inc. |
|
|
38,017,793 |
|
|
|
55,590,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Discretionary |
|
|
391,115,551 |
|
|
|
846,348,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
Cost |
|
|
Value |
|
Common Stocks (continued) |
|
Consumer Staples (1.78%) |
|
|
|
|
|
Packaged Foods & Meats (1.78%) |
|
|
4,100,000 |
|
|
UTZ Brands, Inc. |
|
$
|
66,994,000 |
|
|
$
|
90,446,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financials (3.80%) |
|
|
|
|
|
Insurance Brokers (1.69%) |
|
|
2,873,272 |
|
|
BRP Group, Inc., Cl A 1 |
|
|
44,659,800 |
|
|
|
86,111,962 |
|
|
|
|
|
|
|
Investment Banking & Brokerage (0.83%) |
|
|
625,000 |
|
|
Houlihan Lokey, Inc. |
|
|
28,909,333 |
|
|
|
42,018,750 |
|
|
|
|
|
|
|
Property & Casualty Insurance (1.28%) |
|
|
325,000 |
|
|
Kinsale Capital Group, Inc. |
|
|
42,779,282 |
|
|
|
65,042,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Financials |
|
|
116,348,415 |
|
|
|
193,172,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care (16.21%) |
|
|
|
|
|
Health Care Equipment (7.32%) |
|
|
1,000,000 |
|
|
Axonics Modulation Technologies,
Inc. 1 |
|
|
35,459,918 |
|
|
|
49,920,000 |
|
|
300,000 |
|
|
CryoPort, Inc. 1 |
|
|
13,683,573 |
|
|
|
13,164,000 |
|
|
215,000 |
|
|
DexCom, Inc. 1 |
|
|
2,852,007 |
|
|
|
79,489,800 |
|
|
200,000 |
|
|
IDEXX Laboratories, Inc. 1 |
|
|
2,867,537 |
|
|
|
99,974,000 |
|
|
320,000 |
|
|
Inspire Medical Systems, Inc. 1,4 |
|
|
16,558,159 |
|
|
|
60,188,800 |
|
|
1,100,000 |
|
|
Silk Road Medical, Inc. 1,4 |
|
|
45,930,627 |
|
|
|
69,278,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
117,351,821 |
|
|
|
372,014,600 |
|
|
|
|
|
|
|
Health Care Services (0.50%) |
|
|
3,250,000 |
|
|
SOC Telemed, Inc. 1 |
|
|
32,300,144 |
|
|
|
25,480,000 |
|
|
|
|
|
|
|
Health Care Technology (0.39%) |
|
|
579,861 |
|
|
Certara, Inc. 1,4 |
|
|
13,336,803 |
|
|
|
19,552,913 |
|
|
|
|
|
|
|
Life Sciences Tools & Services (5.70%) |
|
|
250,000 |
|
|
Guardant Health, Inc. 1,4 |
|
|
4,953,266 |
|
|
|
32,220,000 |
|
|
600,000 |
|
|
ICON plc 1,2 |
|
|
16,994,341 |
|
|
|
116,988,000 |
|
|
60,000 |
|
|
Mettler-Toledo International, Inc. 1 |
|
|
2,924,783 |
|
|
|
68,380,800 |
|
|
575,000 |
|
|
PRA Health Sciences, Inc. 1 |
|
|
10,350,000 |
|
|
|
72,128,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35,222,390 |
|
|
|
289,716,800 |
|
|
|
|
|
|
|
Managed Health Care (1.37%) |
|
|
1,000,000 |
|
|
HealthEquity, Inc. 1 |
|
|
23,274,522 |
|
|
|
69,710,000 |
|
|
|
|
|
|
|
Pharmaceuticals (0.93%) |
|
|
1,000,000 |
|
|
Dechra Pharmaceuticals PLC (United
Kingdom)2,5 |
|
|
28,027,985 |
|
|
|
47,096,733 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Health Care |
|
|
249,513,665 |
|
|
|
823,571,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrials (23.06%) |
|
|
|
|
|
|
|
Aerospace & Defense (4.83%) |
|
|
2,350,000 |
|
|
Kratos Defense & Security Solutions, Inc. 1 |
|
|
35,335,984 |
|
|
|
64,460,500 |
|
|
1,175,000 |
|
|
Mercury Systems, Inc. 1 |
|
|
37,835,657 |
|
|
|
103,470,500 |
|
|
125,000 |
|
|
TransDigm Group, Inc. 1 |
|
|
0 |
|
|
|
77,356,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
73,171,641 |
|
|
|
245,287,250 |
|
See Notes to Schedules of
Investments.
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020 (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
Cost |
|
|
Value |
|
Common Stocks (continued) |
|
Industrials (continued) |
|
|
|
|
|
|
|
Building Products (2.14%) |
|
|
1,090,609 |
|
|
AZEK Co., Inc. 1 |
|
$
|
25,084,007 |
|
|
$
|
41,933,916 |
|
|
800,000 |
|
|
Trex Company, Inc. 1 |
|
|
30,505,505 |
|
|
|
66,976,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55,589,512 |
|
|
|
108,909,916 |
|
|
|
|
|
|
|
Electrical Components & Equipment (3.95%) |
|
|
1,624,688 |
|
|
Array Technologies, Inc. 1 |
|
|
35,743,136 |
|
|
|
70,089,040 |
|
|
7,000,000 |
|
|
Vertiv Holdings Co. |
|
|
69,871,612 |
|
|
|
130,690,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
105,614,748 |
|
|
|
200,779,040 |
|
|
|
|
|
|
|
Environmental & Facilities Services (1.51%) |
|
|
750,000 |
|
|
Waste Connections, Inc. 2 |
|
|
32,750,000 |
|
|
|
76,927,500 |
|
|
|
|
|
|
|
Human Resource & Employment Services (2.63%) |
|
|
1,600,000 |
|
|
ASGN, Inc. 1 |
|
|
36,344,971 |
|
|
|
133,648,000 |
|
|
|
|
|
|
|
Industrial Machinery (2.33%) |
|
|
725,000 |
|
|
John Bean Technologies Corp. |
|
|
62,999,777 |
|
|
|
82,555,750 |
|
|
200,000 |
|
|
RBC Bearings, Incorporated 1 |
|
|
12,713,721 |
|
|
|
35,808,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
75,713,498 |
|
|
|
118,363,750 |
|
|
|
|
|
|
|
Research & Consulting Services (2.34%) |
|
|
4,000,000 |
|
|
Clarivate Analytics Plc 1,2 |
|
|
44,078,833 |
|
|
|
118,840,000 |
|
|
|
|
|
|
|
Trading Companies & Distributors (3.33%) |
|
|
197,959 |
|
|
Hydrofarm Holdings Group, Inc.
1,4 |
|
|
3,959,180 |
|
|
|
10,408,684 |
|
|
1,000,000 |
|
|
SiteOne Landscape Supply, Inc. 1 |
|
|
26,904,431 |
|
|
|
158,630,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,863,611 |
|
|
|
169,038,684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Industrials |
|
|
454,126,814 |
|
|
|
1,171,794,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Information Technology (25.57%) |
|
|
|
|
|
Application Software (10.73%) |
|
|
900,000 |
|
|
Altair Engineering, Inc., Cl A 1 |
|
|
14,502,819 |
|
|
|
52,362,000 |
|
|
800,000 |
|
|
Aspen Technology, Inc. 1 |
|
|
29,983,938 |
|
|
|
104,200,000 |
|
|
850,000 |
|
|
Ceridian HCM Holding, Inc. 1 |
|
|
23,711,721 |
|
|
|
90,576,000 |
|
|
1,225,000 |
|
|
Guidewire Software, Inc. 1 |
|
|
31,269,359 |
|
|
|
157,694,250 |
|
|
175,000 |
|
|
The Trade Desk, Inc., Cl A 1 |
|
|
6,212,500 |
|
|
|
140,175,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
105,680,337 |
|
|
|
545,007,250 |
|
|
|
|
|
|
|
Data Processing & Outsourced Services (5.80%) |
|
|
750,000 |
|
|
Nuvei Corp., 144A (Canada)1,2 |
|
|
20,780,312 |
|
|
|
45,172,500 |
|
|
3,500,000 |
|
|
Paya Holdings, Inc., (formerly,
FinTech Acquisition Corp. III) Cl A
1 |
|
|
36,561,336 |
|
|
|
47,530,000 |
|
|
3,500,000 |
|
|
Repay Holdings Corporation 1 |
|
|
33,000,000 |
|
|
|
95,375,000 |
|
|
405,170 |
|
|
Shift4 Payments, Inc., Cl A 1 |
|
|
9,677,975 |
|
|
|
30,549,818 |
|
|
375,000 |
|
|
WEX, Inc. 1 |
|
|
15,715,807 |
|
|
|
76,323,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
115,735,430 |
|
|
|
294,951,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
Cost |
|
|
Value |
|
Common Stocks (continued) |
|
Information Technology (continued) |
|
|
|
|
|
|
|
Electronic Equipment & Instruments (1.90%) |
|
|
1,200,000 |
|
|
Cognex Corp. |
|
$
|
9,420,068 |
|
|
$
|
96,342,000 |
|
|
|
|
|
|
|
Internet Services & Infrastructure (1.72%) |
|
|
350,000 |
|
|
Wix.com Ltd. 1,2 |
|
|
18,259,509 |
|
|
|
87,486,000 |
|
|
|
|
|
|
|
IT Consulting & Other Services (4.98%) |
|
|
800,000 |
|
|
Endava plc, ADR 1,2 |
|
|
25,722,265 |
|
|
|
61,400,000 |
|
|
1,000,000 |
|
|
Gartner, Inc. 1 |
|
|
14,988,362 |
|
|
|
160,190,000 |
|
|
2,500,000 |
|
|
Grid Dynamics Holdings, Inc. 1 |
|
|
24,881,764 |
|
|
|
31,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65,592,391 |
|
|
|
253,090,000 |
|
|
|
|
|
|
|
Systems Software (0.44%) |
|
|
750,000 |
|
|
Jamf Holding Corp. 1,4 |
|
|
21,449,729 |
|
|
|
22,440,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Information Technology |
|
|
336,137,464 |
|
|
|
1,299,316,318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Materials (2.42%) |
|
|
|
|
|
|
|
Construction Materials (0.10%) |
|
|
250,000 |
|
|
Summit Materials, Inc., Cl A 1 |
|
|
4,296,315 |
|
|
|
5,020,000 |
|
|
|
|
|
|
|
Metal & Glass Containers (0.89%) |
|
|
800,000 |
|
|
Berry Global Group, Inc. 1 |
|
|
12,652,147 |
|
|
|
44,952,000 |
|
|
|
|
|
|
|
Specialty Chemicals (1.43%) |
|
|
1,809,631 |
|
|
Avient Corp. |
|
|
57,788,524 |
|
|
|
72,891,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Materials |
|
|
74,736,986 |
|
|
|
122,863,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate (4.22%) |
|
|
|
|
|
|
|
Specialized REITs (4.22%) |
|
|
2,800,000 |
|
|
Americold Realty Trust 4 |
|
|
63,378,545 |
|
|
|
104,524,000 |
|
|
1,053 |
|
|
Gaming and Leisure Properties, Inc. |
|
|
45,685 |
|
|
|
44,647 |
|
|
390,000 |
|
|
SBA Communications Corp. |
|
|
1,571,136 |
|
|
|
110,030,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Real Estate |
|
|
64,995,366 |
|
|
|
214,599,347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
1,792,048,303 |
|
|
|
4,980,862,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants (0.06%) |
|
Consumer Discretionary (0.02%) |
|
|
|
|
|
Hotels, Resorts & Cruise Lines (0.02%) |
|
|
260,850 |
|
|
OneSpaWorld Holdings Ltd. Warrants, Exp 3/19/2024 1,2,4,5 |
|
|
0 |
|
|
|
1,424,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples (0.04%) |
|
|
|
|
|
|
|
Packaged Foods & Meats (0.04%) |
|
|
1,403,600 |
|
|
Whole Earth Brands, Inc., Exp 6/25/2025
1 |
|
|
0 |
|
|
|
1,936,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Warrants |
|
|
0 |
|
|
|
3,361,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Schedules of
Investments.
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020 (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Amount |
|
Cost |
|
|
Value |
|
Short Term Investments (1.98%) |
|
|
$100,518,496 |
|
|
Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2020, 0.00% due 1/4/2021;
Proceeds at maturity - $100,518,496; (Fully collateralized by $6,872,700 U.S. Treasury Note, 2.25% due 2/15/2027; Market value - $7,650,982) and $95,351,000 U.S. Treasury Note, 0.50% due 6/30/2027; Market value - $94,877,964)5 |
|
$
|
100,518,496 |
|
|
$
|
100,518,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments (100.05%) |
|
$ |
1,892,566,799 |
|
|
|
5,084,742,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities Less Cash and Other Assets
(-0.05%) |
|
|
|
(2,553,609 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
|
|
|
|
|
$ |
5,082,189,046 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Shares (Equivalent to $36.83 per share based on 45,899,345 shares
outstanding) |
|
|
$ |
1,690,412,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares (Equivalent to $38.97 per share based on 80,544,259
shares outstanding) |
|
|
$ |
3,138,729,951 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R6 Shares (Equivalent to $38.96 per share based on 6,495,721 shares
outstanding) |
|
|
$ |
253,046,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
Represents percentage of net assets. |
1 |
Non-income producing securities. |
3 |
See Note 6 regarding Affiliated companies. |
4 |
The Adviser has reclassified/classified certain securities in or out of this
sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited). |
5 |
Level 2 security. See Note 4 regarding Fair Value Measurements. |
ADR |
American Depositary Receipt. |
144A |
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be
resold in transactions that are exempt from registration, normally to qualified institutional buyers. At December 31, 2020, the market value of Rule 144A securities amounted to $45,172,500 or 0.89% of net assets. |
|
All securities are Level 1, unless otherwise noted.
|
See Notes to Schedules of
Investments.
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020 (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
Cost |
|
|
Value |
|
Common Stocks (94.32%) |
|
Communication Services (17.50%) |
|
|
|
|
|
|
|
Interactive Home Entertainment (1.84%) |
|
|
90,000 |
|
|
Electronic Arts, Inc. |
|
$ |
9,606,565 |
|
|
$ |
12,924,000 |
|
|
62,500 |
|
|
Take-Two Interactive Software, Inc. 1 |
|
|
7,289,993 |
|
|
|
12,986,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,896,558 |
|
|
|
25,910,875 |
|
|
|
|
|
|
|
Interactive Media & Services (14.72%) |
|
|
30,550 |
|
|
Alphabet, Inc., Cl C 1 |
|
|
34,987,576 |
|
|
|
53,519,934 |
|
|
123,200 |
|
|
Facebook, Inc., Cl A 1 |
|
|
27,428,488 |
|
|
|
33,653,312 |
|
|
453,000 |
|
|
Pinterest, Inc., Cl A 1 |
|
|
14,206,060 |
|
|
|
29,852,700 |
|
|
573,000 |
|
|
Snap, Inc., Cl A 1 |
|
|
9,113,415 |
|
|
|
28,690,110 |
|
|
200,803 |
|
|
Zillow Group, Inc., Cl C 1 |
|
|
12,806,582 |
|
|
|
26,064,230 |
|
|
738,369 |
|
|
ZoomInfo Technologies Inc., Cl A 1 |
|
|
23,975,490 |
|
|
|
35,611,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
122,517,611 |
|
|
|
207,391,823 |
|
|
|
|
|
|
|
Movies & Entertainment (0.94%) |
|
|
24,425 |
|
|
Netflix, Inc. 1 |
|
|
3,966,732 |
|
|
|
13,207,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Communication Services |
|
|
143,380,901 |
|
|
|
246,510,028 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary (18.90%) |
|
|
|
|
|
Auto Parts & Equipment (1.16%) |
|
|
200,000 |
|
|
QuantumScape Corp., Cl A 1,4,6 |
|
|
2,000,000 |
|
|
|
16,394,000 |
|
|
|
|
|
|
|
Automobile Manufacturers (3.73%) |
|
|
74,500 |
|
|
Tesla, Inc. 1 |
|
|
3,091,014 |
|
|
|
52,572,415 |
|
|
|
|
|
|
|
Automotive Retail (1.04%) |
|
|
358,416 |
|
|
Vroom, Inc. 1 |
|
|
8,679,328 |
|
|
|
14,684,303 |
|
|
|
|
|
|
|
Education Services (0.34%) |
|
|
133,236 |
|
|
Arco Platform Limited, Cl A 1,2 |
|
|
3,907,403 |
|
|
|
4,728,546 |
|
|
|
|
|
|
|
Home Furnishings (1.23%) |
|
|
525,000 |
|
|
Purple Innovation, Inc. 1 |
|
|
11,061,987 |
|
|
|
17,293,500 |
|
|
|
|
|
|
|
Homebuilding (0.68%) |
|
|
94,000 |
|
|
Installed Building Products, Inc. 1 |
|
|
5,732,792 |
|
|
|
9,581,420 |
|
|
|
|
|
|
|
Internet & Direct Marketing Retail (10.72%) |
|
|
2,149 |
|
|
Airbnb, Inc., Cl A 1,3 |
|
|
146,132 |
|
|
|
315,473 |
|
|
106,500 |
|
|
Alibaba Group Holding Limited, ADR
1,2 |
|
|
17,989,617 |
|
|
|
24,785,745 |
|
|
23,775 |
|
|
Amazon.com, Inc. 1 |
|
|
28,080,356 |
|
|
|
77,433,511 |
|
|
41,621 |
|
|
DoorDash, Inc., Cl A 1 |
|
|
4,245,342 |
|
|
|
5,941,398 |
|
|
255,900 |
|
|
Farfetch Limited, Cl A 1,2 |
|
|
11,906,765 |
|
|
|
16,328,979 |
|
|
8,529 |
|
|
MercadoLibre, Inc. 1 |
|
|
4,838,488 |
|
|
|
14,287,951 |
|
|
202,000 |
|
|
Stitch Fix, Inc., Cl A 1 |
|
|
12,508,077 |
|
|
|
11,861,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
79,714,777 |
|
|
|
150,954,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Discretionary |
|
|
114,187,301 |
|
|
|
266,208,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
Cost |
|
|
Value |
|
Common Stocks (continued) |
|
Financials (0.43%) |
|
|
|
|
|
Financial Exchanges & Data (0.43%) |
|
|
10,600 |
|
|
MarketAxess Holdings, Inc. |
|
$ |
1,129,414 |
|
|
$ |
6,047,936 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care (15.10%) |
|
|
|
|
|
|
|
Biotechnology (6.36%) |
|
|
163,279 |
|
|
Acceleron Pharma, Inc. 1 |
|
|
9,747,942 |
|
|
|
20,889,915 |
|
|
80,202 |
|
|
argenx SE, ADR 1,2 |
|
|
4,004,410 |
|
|
|
23,586,606 |
|
|
335,600 |
|
|
Arrowhead Pharmaceuticals, Inc. 1 |
|
|
10,892,684 |
|
|
|
25,750,588 |
|
|
152,917 |
|
|
PTC Therapeutics, Inc. 1 |
|
|
7,597,277 |
|
|
|
9,332,525 |
|
|
42,800 |
|
|
Vertex Pharmaceuticals Incorporated
1 |
|
|
7,675,015 |
|
|
|
10,115,352 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,917,328 |
|
|
|
89,674,986 |
|
|
|
|
|
|
|
Health Care Equipment (2.64%) |
|
|
111,100 |
|
|
Edwards Lifesciences Corp. 1 |
|
|
5,883,467 |
|
|
|
10,135,653 |
|
|
14,935 |
|
|
Intuitive Surgical, Inc. 1 |
|
|
5,315,217 |
|
|
|
12,218,323 |
|
|
143,000 |
|
|
Shockwave Medical, Inc. 1 |
|
|
7,156,673 |
|
|
|
14,831,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,355,357 |
|
|
|
37,185,936 |
|
|
|
|
|
|
|
Health Care Technology (1.37%) |
|
|
154,495 |
|
|
Certara, Inc. 1,3 |
|
|
3,553,385 |
|
|
|
5,209,572 |
|
|
116,374 |
|
|
Schrödinger, Inc. 1 |
|
|
2,485,556 |
|
|
|
9,214,493 |
|
|
17,800 |
|
|
Veeva Systems, Inc., Cl A 1 |
|
|
2,595,016 |
|
|
|
4,846,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,633,957 |
|
|
|
19,270,115 |
|
|
|
|
|
|
|
Life Sciences Tools & Services (4.73%) |
|
|
50,419 |
|
|
10X Genomics, Inc., Cl A 1 |
|
|
3,006,785 |
|
|
|
7,139,330 |
|
|
237,500 |
|
|
CareDx, Inc. 1,3 |
|
|
7,559,617 |
|
|
|
17,206,875 |
|
|
64,837 |
|
|
Guardant Health, Inc. 1,3 |
|
|
4,970,280 |
|
|
|
8,356,193 |
|
|
21,715 |
|
|
Illumina, Inc. 1 |
|
|
2,606,193 |
|
|
|
8,034,550 |
|
|
834,685 |
|
|
Pacific Biosciences of California, Inc.
1 |
|
|
4,029,811 |
|
|
|
21,651,729 |
|
|
75,000 |
|
|
Seer, Inc. 1 |
|
|
1,425,000 |
|
|
|
4,210,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,597,686 |
|
|
|
66,599,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Health Care |
|
|
90,504,328 |
|
|
|
212,730,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrials (3.16%) |
|
|
|
|
|
|
|
Aerospace & Defense (1.25%) |
|
|
642,969 |
|
|
Kratos Defense & Security Solutions, Inc. 1 |
|
|
10,282,148 |
|
|
|
17,636,640 |
|
|
|
|
|
|
|
Industrial Machinery (0.59%) |
|
|
500,000 |
|
|
Desktop Metal, Inc 1,4,6 |
|
|
5,000,000 |
|
|
|
8,240,000 |
|
|
|
|
|
|
|
Research & Consulting Services (1.32%) |
|
|
20,233 |
|
|
CoStar Group, Inc. 1 |
|
|
2,448,383 |
|
|
|
18,700,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Industrials |
|
|
17,730,531 |
|
|
|
44,577,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Schedules of
Investments.
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020 (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
Cost |
|
|
Value |
|
Common Stocks (continued) |
|
Information Technology (33.85%) |
|
|
|
|
|
Application Software (10.52%) |
|
|
29,900 |
|
|
Adobe, Inc. 1 |
|
$
|
5,847,190 |
|
|
$
|
14,953,588 |
|
|
175,170 |
|
|
Ceridian HCM Holding, Inc. 1 |
|
|
8,903,416 |
|
|
|
18,666,115 |
|
|
224,100 |
|
|
Guidewire Software, Inc. 1 |
|
|
10,970,562 |
|
|
|
28,848,393 |
|
|
92,700 |
|
|
RingCentral, Inc., Cl A 1 |
|
|
16,398,557 |
|
|
|
35,130,519 |
|
|
24,300 |
|
|
ServiceNow, Inc. 1,3 |
|
|
2,036,994 |
|
|
|
13,375,449 |
|
|
122,800 |
|
|
Splunk, Inc. 1 |
|
|
18,023,067 |
|
|
|
20,862,492 |
|
|
13,141 |
|
|
The Trade Desk, Inc., Cl A 1 |
|
|
532,056 |
|
|
|
10,525,941 |
|
|
17,207 |
|
|
Zoom Video Communications, Inc., Cl A
1 |
|
|
1,087,315 |
|
|
|
5,804,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63,799,157 |
|
|
|
148,166,762 |
|
|
|
|
|
|
|
Data Processing & Outsourced Services (6.35%) |
|
|
3,000 |
|
|
Adyen N.V., 144A (Netherlands)1,2,5 |
|
|
2,422,754 |
|
|
|
6,970,622 |
|
|
68,600 |
|
|
MasterCard Incorporated, Cl A |
|
|
15,259,466 |
|
|
|
24,486,084 |
|
|
110,000 |
|
|
PayPal Holdings, Inc. 1 |
|
|
15,209,450 |
|
|
|
25,762,000 |
|
|
26,000 |
|
|
Square, Inc., Cl A 1 |
|
|
3,741,168 |
|
|
|
5,658,640 |
|
|
121,300 |
|
|
Visa, Inc., Cl A |
|
|
19,203,980 |
|
|
|
26,531,949 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55,836,818 |
|
|
|
89,409,295 |
|
|
|
|
|
|
|
Electronic Equipment & Instruments (1.25%) |
|
|
280,000 |
|
|
PAR Technology Corp. 1 |
|
|
10,511,681 |
|
|
|
17,581,200 |
|
|
|
|
|
|
|
Internet Services & Infrastructure (3.11%) |
|
|
188,677 |
|
|
GDS Holdings Limited, ADR 1,2 |
|
|
8,207,733 |
|
|
|
17,667,714 |
|
|
383,270 |
|
|
GDS Holdings Limited, Cl A (Hong
Kong)1,2 |
|
|
4,040,136 |
|
|
|
4,466,775 |
|
|
525,000 |
|
|
NEXTDC Limited (Australia)1,2,5 |
|
|
2,455,361 |
|
|
|
4,954,101 |
|
|
67,043 |
|
|
Wix.com Ltd. 1,2 |
|
|
3,803,923 |
|
|
|
16,758,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,507,153 |
|
|
|
43,846,658 |
|
|
|
|
|
|
|
IT Consulting & Other Services (2.64%) |
|
|
207,368 |
|
|
Endava plc, ADR 1,2 |
|
|
7,055,069 |
|
|
|
15,915,494 |
|
|
133,187 |
|
|
Gartner, Inc. 1 |
|
|
6,902,159 |
|
|
|
21,335,226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,957,228 |
|
|
|
37,250,720 |
|
|
|
|
|
|
|
Semiconductors (1.13%) |
|
|
30,600 |
|
|
NVIDIA Corp. |
|
|
6,428,289 |
|
|
|
15,979,320 |
|
|
|
|
|
|
|
Systems Software (8.85%) |
|
|
61,723 |
|
|
Crowdstrike Holdings, Inc., Cl A 1 |
|
|
3,067,061 |
|
|
|
13,074,166 |
|
|
423,800 |
|
|
Microsoft Corp. |
|
|
61,970,466 |
|
|
|
94,261,596 |
|
|
61,708 |
|
|
Snowflake, Inc., Cl A 1,3 |
|
|
7,404,960 |
|
|
|
17,364,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
72,442,487 |
|
|
|
124,700,393 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Information Technology |
|
|
241,482,813 |
|
|
|
476,934,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
Cost |
|
|
Value |
|
Common Stocks (continued) |
|
Real Estate (4.16%) |
|
|
|
|
|
Industrial REITs (0.79%) |
|
|
225,985 |
|
|
Rexford Industrial Realty, Inc. |
|
$
|
9,155,929 |
|
|
$
|
11,098,123 |
|
|
|
|
|
|
|
Real Estate Services (2.25%) |
|
|
1,497,230 |
|
|
Opendoor Technologies, Inc. 1,4,6 |
|
|
14,972,300 |
|
|
|
31,666,414 |
|
|
|
|
|
|
|
Specialized REITs (1.12%) |
|
|
32,000 |
|
|
Alexandria Real Estate Equities, Inc.
3 |
|
|
4,492,589 |
|
|
|
5,703,040 |
|
|
14,225 |
|
|
Equinix, Inc. |
|
|
2,122,124 |
|
|
|
10,159,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,614,713 |
|
|
|
15,862,251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Real Estate |
|
|
30,742,942 |
|
|
|
58,626,788 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Purpose Acquisition Company (1.22%) |
|
|
397,909 |
|
|
Altimeter Growth Corp. 1,2 |
|
|
3,979,090 |
|
|
|
5,172,817 |
|
|
397,990 |
|
|
Dragoneer Growth Opportunities Corp.
1,2 |
|
|
3,979,900 |
|
|
|
5,567,880 |
|
|
533,410 |
|
|
ION Acquisition Corp. Limited 1,2 |
|
|
5,394,125 |
|
|
|
6,443,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Special Purpose Acquisition Company |
|
|
13,353,115 |
|
|
|
17,184,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
652,511,345 |
|
|
|
1,328,819,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private Convertible Preferred Stocks (1.31%) |
|
Consumer Discretionary (0.79%) |
|
|
|
|
|
Automobile Manufacturers (0.79%) |
|
|
484,183 |
|
|
Rivian Automotive, Inc., Series E
1,3,4,6 |
|
|
7,499,995 |
|
|
|
11,160,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Materials (0.52%) |
|
|
|
|
|
Fertilizers & Agricultural Chemicals (0.52%) |
|
|
219,321 |
|
|
Farmers Business Network, Inc., Series F
1,3,4,6 |
|
|
7,250,006 |
|
|
|
7,384,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Private Convertible Preferred Stocks |
|
|
14,750,001 |
|
|
|
18,544,956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private Preferred Stocks (0.36%) |
|
Industrials (0.36%) |
|
|
|
|
|
Aerospace & Defense (0.36%) |
|
|
18,519 |
|
|
Space Exploration Technologies Corp., Cl
N 1,3,4,6 |
|
|
5,000,130 |
|
|
|
5,069,021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Schedules of
Investments.
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020 (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Amount |
|
Cost |
|
|
Value |
|
Short Term Investments (4.53%) |
|
|
$63,760,671 |
|
|
Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2020, 0.00% due 1/4/2021;
Proceeds at maturity - $63,760,671; (Fully collateralized by $58,420,300 U.S. Treasury Note, 2.25% due 2/15/2027; Market value - $65,035,961) 5 |
|
$
|
63,760,671 |
|
|
$
|
63,760,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments (100.52%) |
|
$ |
736,022,147 |
|
|
|
1,416,194,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities Less Cash and Other Assets
(-0.52%) |
|
|
|
(7,391,409 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
|
|
$ |
1,408,803,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Shares (Equivalent to $40.03 per share based on 20,586,794 shares
outstanding) |
|
|
$ |
824,033,992 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares (Equivalent to $42.12 per share based on 13,128,922
shares outstanding) |
|
|
$ |
552,983,425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R6 Shares (Equivalent to $42.17 per share based on 753,829 shares
outstanding) |
|
|
$ |
31,785,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
Represents percentage of net assets. |
1 |
Non-income producing securities. |
3 |
The Adviser has reclassified/classified certain securities in or out of this
sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited). |
4 |
At December 31, 2020, the market value of restricted and fair valued securities amounted to $79,914,391 or
5.67% of net assets. These securities are not deemed liquid. See Note 3 regarding Restricted Securities. |
5 |
Level 2 security. See Note 4 regarding Fair Value Measurements. |
6 |
Level 3 security. See Note 4 regarding Fair Value Measurements. |
ADR |
American Depositary Receipt. |
144A |
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be
resold in transactions that are exempt from registration, normally to qualified institutional buyers. At December 31, 2020, the market value of Rule 144A securities amounted to $6,970,622 or 0.49% of net assets. |
|
All securities are Level 1, unless otherwise noted.
|
See Notes to Schedules of
Investments.
|
|
|
Baron Fifth Avenue Growth Fund |
|
|
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020 (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
Cost |
|
|
Value |
|
Common Stocks (97.50%) |
|
Communication Services (10.14%) |
|
|
|
|
|
Interactive Media & Services (10.14%) |
|
|
8,229 |
|
|
Alphabet, Inc., Cl A 1 |
|
$ |
11,131,169 |
|
|
$ |
14,422,474 |
|
|
10,283 |
|
|
Alphabet, Inc., Cl C 1 |
|
|
4,420,382 |
|
|
|
18,014,582 |
|
|
92,593 |
|
|
Facebook, Inc., Cl A 1 |
|
|
9,924,329 |
|
|
|
25,292,704 |
|
|
301,416 |
|
|
ZoomInfo Technologies Inc., Cl A 1 |
|
|
9,285,584 |
|
|
|
14,537,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Communication Services |
|
|
34,761,464 |
|
|
|
72,267,054 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary (15.16%) |
|
|
|
|
|
Internet & Direct Marketing Retail (15.16%) |
|
|
1,107 |
|
|
Airbnb, Inc., Cl A 1,3 |
|
|
75,276 |
|
|
|
162,508 |
|
|
104,576 |
|
|
Alibaba Group Holding Limited, ADR
1,2 |
|
|
10,970,281 |
|
|
|
24,337,972 |
|
|
18,666 |
|
|
Amazon.com, Inc. 1 |
|
|
6,762,197 |
|
|
|
60,793,855 |
|
|
21,820 |
|
|
DoorDash, Inc., Cl A 1 |
|
|
2,225,640 |
|
|
|
3,114,805 |
|
|
11,730 |
|
|
MercadoLibre, Inc. 1 |
|
|
7,042,090 |
|
|
|
19,650,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Discretionary |
|
|
27,075,484 |
|
|
|
108,059,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financials (2.26%) |
|
|
|
|
|
Financial Exchanges & Data (2.26%) |
|
|
48,903 |
|
|
S&P Global, Inc. |
|
|
12,237,858 |
|
|
|
16,075,883 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care (18.21%) |
|
|
|
|
|
Biotechnology (5.35%) |
|
|
102,245 |
|
|
Acceleron Pharma, Inc. 1 |
|
|
10,552,303 |
|
|
|
13,081,225 |
|
|
24,064 |
|
|
argenx SE, ADR 1,2 |
|
|
7,340,011 |
|
|
|
7,076,982 |
|
|
75,980 |
|
|
Vertex Pharmaceuticals Incorporated
1 |
|
|
14,561,581 |
|
|
|
17,957,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,453,895 |
|
|
|
38,115,320 |
|
|
|
|
|
|
|
Health Care Equipment (3.36%) |
|
|
29,324 |
|
|
Intuitive Surgical, Inc. 1 |
|
|
11,905,212 |
|
|
|
23,989,964 |
|
|
|
|
|
|
|
Health Care Technology (3.83%) |
|
|
100,453 |
|
|
Veeva Systems, Inc., Cl A 1 |
|
|
7,493,347 |
|
|
|
27,348,329 |
|
|
|
|
|
|
|
Life Sciences Tools & Services (4.57%) |
|
|
90,959 |
|
|
10X Genomics, Inc., Cl A 1 |
|
|
9,317,473 |
|
|
|
12,879,795 |
|
|
53,181 |
|
|
Illumina, Inc. 1 |
|
|
8,362,363 |
|
|
|
19,676,970 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,679,836 |
|
|
|
32,556,765 |
|
|
|
|
|
Pharmaceuticals (1.10%) |
|
|
156,847 |
|
|
AstraZeneca PLC, ADR 2 |
|
|
8,309,413 |
|
|
|
7,840,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Health Care |
|
|
77,841,703 |
|
|
|
129,851,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
Cost |
|
|
Value |
|
Common Stocks (continued) |
|
Information Technology (49.39%) |
|
|
|
|
|
Application Software (15.35%) |
|
|
52,852 |
|
|
Adobe, Inc. 1 |
|
$
|
26,370,292 |
|
|
$
|
26,432,342 |
|
|
70,867 |
|
|
RingCentral, Inc., Cl A 1 |
|
|
14,376,744 |
|
|
|
26,856,467 |
|
|
51,314 |
|
|
ServiceNow, Inc. 1,3 |
|
|
19,497,072 |
|
|
|
28,244,765 |
|
|
208,327 |
|
|
Slack Technologies, Inc., Cl A 1 |
|
|
4,742,654 |
|
|
|
8,799,733 |
|
|
112,405 |
|
|
Splunk, Inc. 1 |
|
|
16,396,868 |
|
|
|
19,096,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81,383,630 |
|
|
|
109,429,792 |
|
|
|
|
|
|
|
Data Processing & Outsourced Services (11.36%) |
|
|
6,218 |
|
|
Adyen N.V., 144A (Netherlands)1,2,4 |
|
|
4,711,862 |
|
|
|
14,447,776 |
|
|
77,774 |
|
|
MasterCard Incorporated, Cl A |
|
|
7,508,689 |
|
|
|
27,760,652 |
|
|
75,361 |
|
|
PayPal Holdings, Inc. 1 |
|
|
15,850,110 |
|
|
|
17,649,546 |
|
|
96,752 |
|
|
Visa, Inc., Cl A |
|
|
5,289,718 |
|
|
|
21,162,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,360,379 |
|
|
|
81,020,539 |
|
|
|
|
|
|
|
Internet Services & Infrastructure (4.33%) |
|
|
1,149,809 |
|
|
GDS Holdings Limited, Cl A (Hong
Kong)1,2 |
|
|
12,120,397 |
|
|
|
13,400,311 |
|
|
70,014 |
|
|
Wix.com Ltd. 1,2 |
|
|
9,796,907 |
|
|
|
17,500,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,917,304 |
|
|
|
30,901,011 |
|
|
|
|
|
|
|
Internet Software & Services (1.21%) |
|
|
7,626 |
|
|
Shopify, Inc., Cl A 1,2 |
|
|
8,924,391 |
|
|
|
8,632,251 |
|
|
|
|
|
|
|
IT Consulting & Other Services (3.20%) |
|
|
63,602 |
|
|
EPAM Systems, Inc. 1 |
|
|
9,148,341 |
|
|
|
22,791,777 |
|
|
|
|
|
|
|
Semiconductor Equipment (2.68%) |
|
|
39,157 |
|
|
ASML Holding N.V. 2 |
|
|
4,042,938 |
|
|
|
19,097,652 |
|
|
|
|
|
|
|
Systems Software (11.26%) |
|
|
89,272 |
|
|
Crowdstrike Holdings, Inc., Cl A 1 |
|
|
5,082,127 |
|
|
|
18,909,595 |
|
|
126,269 |
|
|
Datadog, Inc., Cl A 1,3 |
|
|
3,409,263 |
|
|
|
12,429,920 |
|
|
179,821 |
|
|
Dynatrace, Inc. 1,3 |
|
|
7,901,930 |
|
|
|
7,780,855 |
|
|
47,896 |
|
|
Snowflake, Inc., Cl A 1,3 |
|
|
5,747,520 |
|
|
|
13,477,934 |
|
|
81,789 |
|
|
Twilio, Inc., Cl A 1,3 |
|
|
11,034,337 |
|
|
|
27,685,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,175,177 |
|
|
|
80,283,881 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Information Technology |
|
|
191,952,160 |
|
|
|
352,156,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate (2.34%) |
|
|
|
|
|
Specialized REITs (2.34%) |
|
|
23,396 |
|
|
Equinix, Inc. |
|
|
6,062,440 |
|
|
|
16,708,955 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
349,931,109 |
|
|
|
695,119,426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Schedules of
Investments.
|
|
|
Baron Fifth Avenue Growth Fund |
|
|
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020 (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Amount |
|
Cost |
|
|
Value |
|
Short Term Investments (4.56%) |
|
|
$32,548,605 |
|
|
Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2020, 0.00% due 1/4/2021;
Proceeds at maturity - $32,548,605; (Fully collateralized by $31,261,300 U.S. Treasury Note, 1.75% due 7/31/2024; Market value - $33,199,589)4 |
|
$
|
32,548,605 |
|
|
$
|
32,548,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments (102.06%) |
|
$ |
382,479,714 |
|
|
|
727,668,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities Less Cash and Other Assets
(-2.06%) |
|
|
|
(14,720,448 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
|
|
|
|
|
$ |
712,947,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Shares (Equivalent to $50.20 per share based on 3,895,557 shares
outstanding) |
|
|
$ |
195,564,685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares (Equivalent to $51.45 per share based on 9,359,387 shares
outstanding) |
|
|
$ |
481,587,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R6 Shares (Equivalent to $51.47 per share based on 695,436 shares
outstanding) |
|
|
$ |
35,795,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
Represents percentage of net assets. |
1 |
Non-income producing securities. |
3 |
The Adviser has reclassified/classified certain securities in or out of this
sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited). |
4 |
Level 2 security. See Note 4 regarding Fair Value Measurements. |
ADR |
American Depositary Receipt. |
144A |
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be
resold in transactions that are exempt from registration, normally to qualified institutional buyers. At December 31, 2020, the market value of Rule 144A securities amounted to $14,447,776 or 2.03% of net assets. |
|
All securities are Level 1, unless otherwise noted.
|
See Notes to Schedules of
Investments.
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020 (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
Cost |
|
|
Value |
|
Common Stocks (93.33%) |
|
Communication Services (3.56%) |
|
|
|
|
|
Advertising (1.68%) |
|
|
3,250,000 |
|
|
S4 Capital PLC (United Kingdom)1,2 |
|
$ |
8,682,309 |
|
|
$ |
22,221,888 |
|
|
|
|
|
|
|
Movies & Entertainment (0.53%) |
|
|
185,000 |
|
|
Liberty Media Corporation-Liberty Formula One, Cl A
1 |
|
|
5,634,811 |
|
|
|
7,028,150 |
|
|
|
|
|
|
|
Publishing (1.35%) |
|
|
750,000 |
|
|
Future PLC (United Kingdom)2,4 |
|
|
13,234,352 |
|
|
|
17,777,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Communication Services |
|
|
27,551,472 |
|
|
|
47,027,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary (11.15%) |
|
|
|
|
|
Casinos & Gaming (3.85%) |
|
|
75,000 |
|
|
DraftKings, Inc., Cl A 1 |
|
|
935,795 |
|
|
|
3,492,000 |
|
|
7,000,000 |
|
|
Melco International Development Ltd. (Hong Kong)2,4 |
|
|
13,991,865 |
|
|
|
13,632,829 |
|
|
230,371 |
|
|
Penn National Gaming, Inc. 1 |
|
|
4,103,946 |
|
|
|
19,897,144 |
|
|
550,000 |
|
|
Red Rock Resorts, Inc., Cl A |
|
|
13,671,025 |
|
|
|
13,772,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,702,631 |
|
|
|
50,793,973 |
|
|
|
|
|
|
|
General Merchandise Stores (1.36%) |
|
|
220,000 |
|
|
Ollies Bargain Outlet Holdings, Inc.
1 |
|
|
14,815,546 |
|
|
|
17,989,400 |
|
|
|
|
|
|
|
Home Furnishings (1.75%) |
|
|
700,000 |
|
|
Purple Innovation, Inc. 1 |
|
|
13,886,064 |
|
|
|
23,058,000 |
|
|
|
|
|
|
|
Home Improvement Retail (2.46%) |
|
|
350,000 |
|
|
Floor & Decor Holdings, Inc., Cl A
1 |
|
|
11,227,099 |
|
|
|
32,497,500 |
|
|
|
|
|
|
|
Internet & Direct Marketing Retail (0.52%) |
|
|
350,000 |
|
|
The RealReal, Inc. 1 |
|
|
5,622,022 |
|
|
|
6,839,000 |
|
|
|
|
|
|
|
Restaurants (1.21%) |
|
|
395,000 |
|
|
The Cheesecake Factory, Inc. |
|
|
9,904,250 |
|
|
|
14,638,700 |
|
|
10,000 |
|
|
Wingstop, Inc. |
|
|
874,199 |
|
|
|
1,325,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,778,449 |
|
|
|
15,964,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Discretionary |
|
|
89,031,811 |
|
|
|
147,142,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples (4.25%) |
|
|
|
|
|
Packaged Foods & Meats (2.55%) |
|
|
1,050,000 |
|
|
Barfresh Food Group, Inc. 1 |
|
|
597,200 |
|
|
|
451,500 |
|
|
75,000 |
|
|
Laird Superfood, Inc. 1 |
|
|
1,650,000 |
|
|
|
3,549,000 |
|
|
1,000,000 |
|
|
UTZ Brands, Inc. |
|
|
16,340,000 |
|
|
|
22,060,000 |
|
|
300,000 |
|
|
Vital Farms, Inc. 1 |
|
|
6,600,000 |
|
|
|
7,593,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,187,200 |
|
|
|
33,653,500 |
|
|
|
|
|
|
|
Soft Drinks (1.70%) |
|
|
650,000 |
|
|
Fevertree Drinks PLC (United
Kingdom)2 |
|
|
19,183,013 |
|
|
|
22,461,884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Staples |
|
|
44,370,213 |
|
|
|
56,115,384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financials (4.24%) |
|
|
|
|
|
Insurance Brokers (1.59%) |
|
|
700,007 |
|
|
BRP Group, Inc., Cl A 1 |
|
|
13,850,743 |
|
|
|
20,979,210 |
|
|
|
|
|
|
|
Property & Casualty Insurance (2.65%) |
|
|
175,000 |
|
|
Kinsale Capital Group, Inc. |
|
|
7,660,884 |
|
|
|
35,022,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Financials |
|
|
21,511,627 |
|
|
|
56,001,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
Cost |
|
|
Value |
|
Common Stocks (continued) |
|
Health Care (26.35%) |
|
|
|
|
|
Biotechnology (3.15%) |
|
|
127,000 |
|
|
Applied Therapeutics, Inc. 1 |
|
$
|
6,307,786 |
|
|
$
|
2,795,270 |
|
|
146,000 |
|
|
Biohaven Pharmaceutical Holding Co. Ltd.
1,2 |
|
|
6,453,537 |
|
|
|
12,513,660 |
|
|
185,000 |
|
|
Emergent BioSolutions, Inc. 1 |
|
|
8,374,928 |
|
|
|
16,576,000 |
|
|
373,500 |
|
|
Esperion Therapeutics, Inc. 1 |
|
|
16,262,479 |
|
|
|
9,711,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,398,730 |
|
|
|
41,595,930 |
|
|
|
|
|
|
|
Health Care Equipment (9.69%) |
|
|
465,000 |
|
|
Acutus Medical, Inc. 1 |
|
|
10,283,134 |
|
|
|
13,396,650 |
|
|
505,084 |
|
|
AxoGen, Inc. 1 |
|
|
8,267,053 |
|
|
|
9,041,004 |
|
|
280,982 |
|
|
Axonics Modulation Technologies, Inc.
1 |
|
|
9,200,554 |
|
|
|
14,026,621 |
|
|
202,500 |
|
|
CryoPort, Inc. 1 |
|
|
5,127,704 |
|
|
|
8,885,700 |
|
|
308,580 |
|
|
Eargo, Inc. 1 |
|
|
9,305,920 |
|
|
|
13,830,555 |
|
|
89,823 |
|
|
Inari Medical, Inc. 1 |
|
|
2,337,837 |
|
|
|
7,840,650 |
|
|
466,231 |
|
|
Inogen, Inc. 1 |
|
|
20,252,205 |
|
|
|
20,831,201 |
|
|
50,000 |
|
|
Inspire Medical Systems, Inc. 1,3 |
|
|
2,923,748 |
|
|
|
9,404,500 |
|
|
365,208 |
|
|
Silk Road Medical, Inc. 1,3 |
|
|
12,597,717 |
|
|
|
23,000,800 |
|
|
1,985,000 |
|
|
ViewRay, Inc. 1 |
|
|
9,544,839 |
|
|
|
7,582,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
89,840,711 |
|
|
|
127,840,381 |
|
|
|
|
|
|
|
Health Care Supplies (1.60%) |
|
|
2,029,967 |
|
|
Cerus Corp. 1 |
|
|
10,431,841 |
|
|
|
14,047,372 |
|
|
1,815,363 |
|
|
Sientra, Inc. 1 |
|
|
14,032,382 |
|
|
|
7,061,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,464,223 |
|
|
|
21,109,134 |
|
|
|
|
|
|
|
Health Care Technology (0.85%) |
|
|
258,963 |
|
|
Accolade, Inc. 1 |
|
|
6,153,987 |
|
|
|
11,264,890 |
|
|
|
|
|
|
|
Life Sciences Tools & Services (7.22%) |
|
|
50,000 |
|
|
Berkeley Lights, Inc. 1 |
|
|
1,100,000 |
|
|
|
4,470,500 |
|
|
499,729 |
|
|
CareDx, Inc. 1,3 |
|
|
10,068,530 |
|
|
|
36,205,366 |
|
|
976,780 |
|
|
Pacific Biosciences of California, Inc.
1 |
|
|
4,861,955 |
|
|
|
25,337,673 |
|
|
68,980 |
|
|
Seer, Inc. 1 |
|
|
1,310,620 |
|
|
|
3,872,537 |
|
|
519,190 |
|
|
Veracyte, Inc. 1,3 |
|
|
12,884,315 |
|
|
|
25,409,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,225,420 |
|
|
|
95,295,235 |
|
|
|
|
|
|
|
Managed Health Care (1.89%) |
|
|
588,279 |
|
|
Progyny, Inc. 1 |
|
|
11,541,422 |
|
|
|
24,937,147 |
|
|
|
|
|
|
|
Pharmaceuticals (1.95%) |
|
|
741,732 |
|
|
Revance Therapeutics, Inc. 1 |
|
|
12,687,471 |
|
|
|
21,020,685 |
|
|
3,831,500 |
|
|
TherapeuticsMD, Inc. 1 |
|
|
16,199,094 |
|
|
|
4,636,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,886,565 |
|
|
|
25,656,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Health Care |
|
|
228,511,058 |
|
|
|
347,699,517 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrials (18.01%) |
|
|
|
|
|
Aerospace & Defense (4.06%) |
|
|
964,870 |
|
|
Kratos Defense & Security Solutions, Inc. 1 |
|
|
16,120,727 |
|
|
|
26,466,384 |
|
|
307,680 |
|
|
Mercury Systems, Inc. 1 |
|
|
12,727,809 |
|
|
|
27,094,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,848,536 |
|
|
|
53,560,685 |
|
See Notes to Schedules of
Investments.
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020 (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
Cost |
|
|
Value |
|
Common Stocks (continued) |
|
Industrials (continued) |
|
|
|
|
|
|
|
Building Products (1.39%) |
|
|
220,000 |
|
|
Trex Company, Inc. 1 |
|
$
|
7,416,878 |
|
|
$
|
18,418,400 |
|
|
|
|
|
|
|
Electrical Components & Equipment (1.15%) |
|
|
353,799 |
|
|
Array Technologies, Inc. 1 |
|
|
7,783,578 |
|
|
|
15,262,889 |
|
|
|
|
|
|
|
Environmental & Facilities Services (1.29%) |
|
|
550,000 |
|
|
Montrose Environmental Group, Inc.
1 |
|
|
8,403,000 |
|
|
|
17,028,000 |
|
|
|
|
|
|
|
Heavy Electrical Equipment (2.83%) |
|
|
707,000 |
|
|
TPI Composites, Inc. 1 |
|
|
15,134,505 |
|
|
|
37,315,460 |
|
|
|
|
|
|
|
Industrial Conglomerates (1.49%) |
|
|
595,000 |
|
|
Raven Industries, Inc. |
|
|
16,001,969 |
|
|
|
19,688,550 |
|
|
|
|
|
|
|
Industrial Machinery (3.36%) |
|
|
86,600 |
|
|
ESCO Technologies, Inc. |
|
|
4,658,024 |
|
|
|
8,938,852 |
|
|
350,000 |
|
|
Helios Technologies, Inc. |
|
|
14,644,212 |
|
|
|
18,651,500 |
|
|
187,500 |
|
|
Kornit Digital Ltd. 1,2 |
|
|
2,923,081 |
|
|
|
16,711,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,225,317 |
|
|
|
44,302,227 |
|
|
|
|
|
|
|
Trading Companies & Distributors (2.44%) |
|
|
49,001 |
|
|
Hydrofarm Holdings Group, Inc. 1,3 |
|
|
980,020 |
|
|
|
2,576,472 |
|
|
186,500 |
|
|
SiteOne Landscape Supply, Inc. 1 |
|
|
10,148,112 |
|
|
|
29,584,495 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,128,132 |
|
|
|
32,160,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Industrials |
|
|
116,941,915 |
|
|
|
237,737,178 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Information Technology (21.55%) |
|
|
|
|
|
Application Software (2.88%) |
|
|
35,000 |
|
|
Bill.Com Holdings, Inc. 1 |
|
|
1,365,005 |
|
|
|
4,777,500 |
|
|
135,000 |
|
|
Everbridge, Inc. 1 |
|
|
13,126,818 |
|
|
|
20,124,450 |
|
|
395,000 |
|
|
Medallia, Inc. 1 |
|
|
11,697,793 |
|
|
|
13,121,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26,189,616 |
|
|
|
38,023,850 |
|
|
|
|
|
|
|
Data Processing & Outsourced Services (1.89%) |
|
|
500,000 |
|
|
Repay Holdings Corporation, Cl A 1 |
|
|
7,499,309 |
|
|
|
13,625,000 |
|
|
150,000 |
|
|
Shift4 Payments, Inc., Cl A 1 |
|
|
3,676,035 |
|
|
|
11,310,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,175,344 |
|
|
|
24,935,000 |
|
|
|
|
|
|
|
Electronic Equipment & Instruments (1.76%) |
|
|
10,431 |
|
|
Novanta, Inc. 1,2 |
|
|
272,591 |
|
|
|
1,233,153 |
|
|
350,000 |
|
|
PAR Technology Corp. 1 |
|
|
6,472,283 |
|
|
|
21,976,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,744,874 |
|
|
|
23,209,653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
Cost |
|
|
Value |
|
Common Stocks (continued) |
|
Information Technology (continued) |
|
|
|
|
|
|
|
IT Consulting & Other Services (2.62%) |
|
|
450,000 |
|
|
Endava plc, ADR 1,2 |
|
$
|
13,125,641 |
|
|
$
|
34,537,500 |
|
|
|
|
|
Semiconductor Equipment (4.44%) |
|
|
300,000 |
|
|
Advanced Energy Industries, Inc.
1 |
|
|
19,498,132 |
|
|
|
29,091,000 |
|
|
465,000 |
|
|
Ichor Holdings Ltd. 1,2 |
|
|
10,273,078 |
|
|
|
14,017,425 |
|
|
220,000 |
|
|
Nova Measuring Instruments Ltd.
1,2 |
|
|
5,201,368 |
|
|
|
15,532,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,972,578 |
|
|
|
58,640,425 |
|
|
|
|
|
|
|
Semiconductors (2.02%) |
|
|
1,000,000 |
|
|
Allegro MicroSystems, Inc. 1 |
|
|
14,000,000 |
|
|
|
26,660,000 |
|
|
|
|
|
|
|
Systems Software (5.94%) |
|
|
333,775 |
|
|
Dynatrace, Inc. 1,3 |
|
|
6,243,606 |
|
|
|
14,442,444 |
|
|
672,131 |
|
|
Ping Identity Holding Corp. 1 |
|
|
11,961,244 |
|
|
|
19,249,832 |
|
|
150,000 |
|
|
Qualys, Inc. 1 |
|
|
8,111,437 |
|
|
|
18,280,500 |
|
|
120,000 |
|
|
Sailpoint Technologies Holdings, Inc.
1 |
|
|
6,847,365 |
|
|
|
6,388,800 |
|
|
122,000 |
|
|
Varonis Systems, Inc. 1 |
|
|
7,440,546 |
|
|
|
19,960,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,604,198 |
|
|
|
78,321,996 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Information Technology |
|
|
146,812,251 |
|
|
|
284,328,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate (3.54%) |
|
|
|
|
|
Industrial REITs (1.30%) |
|
|
350,000 |
|
|
Rexford Industrial Realty, Inc. |
|
|
12,654,993 |
|
|
|
17,188,500 |
|
|
|
|
|
|
|
Specialized REITs (2.24%) |
|
|
485,000 |
|
|
American Assets Trust, Inc. |
|
|
13,124,986 |
|
|
|
14,006,800 |
|
|
415,000 |
|
|
Americold Realty Trust 3 |
|
|
8,047,276 |
|
|
|
15,491,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,172,262 |
|
|
|
29,498,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Real Estate |
|
33,827,255 |
|
|
46,687,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Purpose Acquisition Company (0.68%) |
|
|
450,000 |
|
|
Longview Acquisition Corp., Cl A
1 |
|
|
5,256,448 |
|
|
|
8,905,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
713,814,050 |
|
|
|
1,231,645,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Schedules of
Investments.
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020 (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Amount |
|
Cost |
|
|
Value |
|
Short Term Investments (6.67%) |
|
|
$88,072,991 |
|
|
Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2020, 0.00% due 1/4/2021;
Proceeds at maturity - $88,072,991; (Fully collateralized by $82,674,800 U.S. Treasury Note, 2.375% due 8/15/2024; Market value - $89,834,541)4 |
|
$
|
88,072,991 |
|
|
$
|
88,072,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments (100.00%) |
|
$ |
801,887,041 |
|
|
|
1,319,718,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Other Assets Less Liabilities (0.00%) |
|
|
|
15,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
|
|
|
|
|
$ |
1,319,733,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Shares (Equivalent to $34.17 per share based on 6,554,939 shares
outstanding) |
|
|
$ |
223,991,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares (Equivalent to $34.79 per share based on 30,785,720 shares
outstanding) |
|
|
$ |
1,071,109,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R6 Shares (Equivalent to $34.80 per share based on 707,939 shares
outstanding) |
|
|
|
|
|
$ |
24,633,403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
Represents percentage of net assets. |
1 |
Non-income producing securities. |
3 |
The Adviser has reclassified/classified certain securities in or out of this
sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited). |
4 |
Level 2 security. See Note 4 regarding Fair Value Measurements. |
ADR |
American Depositary Receipt. |
|
All securities are Level 1, unless otherwise noted.
|
See Notes to Schedules of
Investments.
|
|
|
Baron Durable Advantage Fund |
|
|
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020 (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
Cost |
|
|
Value |
|
Common Stocks (98.97%) |
|
Communication Services (13.08%) |
|
|
|
|
|
Cable & Satellite (2.21%) |
|
|
574 |
|
|
Charter Communications, Inc., Cl A 1 |
|
$ |
233,119 |
|
|
$ |
379,730 |
|
|
|
|
|
|
|
Interactive Media & Services (10.87%) |
|
|
632 |
|
|
Alphabet, Inc., Cl C 1 |
|
|
931,362 |
|
|
|
1,107,188 |
|
|
2,784 |
|
|
Facebook, Inc., Cl A 1 |
|
|
612,288 |
|
|
|
760,477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,543,650 |
|
|
|
1,867,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Communication Services |
|
|
1,776,769 |
|
|
|
2,247,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples (5.57%) |
|
|
|
|
|
Distillers & Vintners (2.98%) |
|
|
2,336 |
|
|
Constellation Brands, Inc., Cl A |
|
|
473,063 |
|
|
|
511,701 |
|
|
|
|
|
|
|
Hypermarkets & Super Centers (1.53%) |
|
|
699 |
|
|
Costco Wholesale Corp. |
|
|
185,293 |
|
|
|
263,369 |
|
|
|
|
|
|
|
Personal Products (1.06%) |
|
|
681 |
|
|
The Estée Lauder Companies, Inc., Cl A |
|
|
109,587 |
|
|
|
181,275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Consumer Staples |
|
|
767,943 |
|
|
|
956,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financials (15.68%) |
|
|
|
|
|
Asset Management & Custody Banks (3.01%) |
|
|
716 |
|
|
BlackRock, Inc. |
|
|
431,463 |
|
|
|
516,623 |
|
|
|
|
|
|
|
Financial Exchanges & Data (12.67%) |
|
|
949 |
|
|
CME Group, Inc. |
|
|
150,988 |
|
|
|
172,765 |
|
|
2,744 |
|
|
Moodys Corp. |
|
|
587,886 |
|
|
|
796,419 |
|
|
1,251 |
|
|
MSCI, Inc. |
|
|
411,785 |
|
|
|
558,609 |
|
|
1,977 |
|
|
S&P Global, Inc. |
|
|
462,402 |
|
|
|
649,899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,613,061 |
|
|
|
2,177,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Financials |
|
|
2,044,524 |
|
|
|
2,694,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care (21.43%) |
|
|
|
|
|
Health Care Equipment (4.54%) |
|
|
3,511 |
|
|
Danaher Corp. |
|
|
499,102 |
|
|
|
779,934 |
|
|
|
|
|
|
|
Life Sciences Tools & Services (9.93%) |
|
|
1,550 |
|
|
Agilent Technologies, Inc. |
|
|
107,517 |
|
|
|
183,659 |
|
|
2,983 |
|
|
IQVIA Holdings, Inc. 1 |
|
|
435,747 |
|
|
|
534,464 |
|
|
189 |
|
|
Mettler-Toledo International, Inc. 1 |
|
|
121,918 |
|
|
|
215,400 |
|
|
1,660 |
|
|
Thermo Fisher Scientific, Inc. |
|
|
563,979 |
|
|
|
773,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,229,161 |
|
|
|
1,706,718 |
|
|
|
|
|
|
|
Managed Health Care (3.50%) |
|
|
1,714 |
|
|
UnitedHealth Group, Incorporated |
|
|
455,552 |
|
|
|
601,065 |
|
|
|
|
|
|
|
Pharmaceuticals (3.46%) |
|
|
11,910 |
|
|
AstraZeneca PLC, ADR 2 |
|
|
571,858 |
|
|
|
595,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Health Care |
|
|
2,755,673 |
|
|
|
3,683,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
Cost |
|
|
Value |
|
Common Stocks (continued) |
|
Industrials (5.05%) |
|
|
|
|
|
Aerospace & Defense (1.85%) |
|
|
2,725 |
|
|
HEICO Corp., Cl A |
|
$
|
258,043 |
|
|
$
|
318,989 |
|
|
|
|
|
|
|
Research & Consulting Services (3.20%) |
|
|
6,116 |
|
|
IHS Markit Ltd. 2 |
|
|
376,063 |
|
|
|
549,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Industrials |
|
|
634,106 |
|
|
|
868,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Information Technology (33.62%) |
|
|
|
|
|
Application Software (10.88%) |
|
|
1,640 |
|
|
Adobe, Inc. 1 |
|
|
526,018 |
|
|
|
820,197 |
|
|
635 |
|
|
Fair Isaac Corp. 1 |
|
|
250,649 |
|
|
|
324,510 |
|
|
786 |
|
|
Intuit, Inc. |
|
|
273,555 |
|
|
|
298,562 |
|
|
5,861 |
|
|
SS&C Technologies Holdings, Inc. |
|
|
339,641 |
|
|
|
426,388 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,389,863 |
|
|
|
1,869,657 |
|
|
|
|
|
|
|
Data Processing & Outsourced Services (8.67%) |
|
|
3,763 |
|
|
Fidelity National Information Services, Inc. |
|
|
522,722 |
|
|
|
532,314 |
|
|
1,494 |
|
|
MasterCard Incorporated, Cl A |
|
|
311,428 |
|
|
|
533,268 |
|
|
1,938 |
|
|
Visa, Inc., Cl A |
|
|
412,484 |
|
|
|
423,899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,246,634 |
|
|
|
1,489,481 |
|
|
|
|
|
|
|
Electronic Manufacturing Services (1.38%) |
|
|
1,958 |
|
|
TE Connectivity Ltd. 2 |
|
|
186,028 |
|
|
|
237,055 |
|
|
|
|
|
|
|
IT Consulting & Other Services (3.68%) |
|
|
2,424 |
|
|
Accenture plc, Cl A 2 |
|
|
450,158 |
|
|
|
633,173 |
|
|
|
|
|
|
|
Semiconductors (1.60%) |
|
|
1,677 |
|
|
Texas Instruments, Inc. |
|
|
202,213 |
|
|
|
275,246 |
|
|
|
|
|
|
|
Systems Software (7.41%) |
|
|
5,725 |
|
|
Microsoft Corp. |
|
|
920,981 |
|
|
|
1,273,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Information Technology |
|
|
4,395,877 |
|
|
|
5,777,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Materials (1.49%) |
|
|
|
|
|
Specialty Chemicals (1.49%) |
|
|
1,180 |
|
|
Ecolab, Inc. |
|
|
241,378 |
|
|
|
255,305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate (3.05%) |
|
|
|
|
|
Specialized REITs (3.05%) |
|
|
1,501 |
|
|
Alexandria Real Estate Equities, Inc.
3 |
|
|
225,447 |
|
|
|
267,508 |
|
|
359 |
|
|
Equinix, Inc. |
|
|
178,765 |
|
|
|
256,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Real Estate |
|
|
404,212 |
|
|
|
523,899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
13,020,482 |
|
|
|
17,006,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Schedules of
Investments.
|
|
|
Baron Durable Advantage Fund |
|
|
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2020 (UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Amount |
|
Cost |
|
|
Value |
|
Short Term Investments (4.64%) |
|
|
|
|
|
$797,763 |
|
|
Repurchase Agreement with Fixed Income Clearing Corp., dated 12/31/2020, 0.00% due 1/4/2021;
Proceeds at maturity - $797,763; (Fully collateralized by $766,300 U.S. Treasury Note, 1.75% due 7/31/2024; Market value - $813,813)4 |
|
|
797,763 |
|
|
|
797,763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments (103.61%) |
|
$ |
13,818,245 |
|
|
|
17,804,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities Less Cash and Other Assets
(-3.61%) |
|
|
|
(619,735 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets |
|
|
$ |
17,184,741 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Shares (Equivalent to $15.57 per share based on 296,789 shares
outstanding) |
|
|
$ |
4,620,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional Shares (Equivalent to $15.67 per share based on 631,915 shares
outstanding) |
|
|
$ |
9,904,656 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R6 Shares (Equivalent to $15.67 per share based on 169,680 shares
outstanding) |
|
|
$ |
2,659,434 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
Represents percentage of net assets. |
1 |
Non-income producing securities. |
3 |
The Adviser has reclassified/classified certain securities in or out of this
sub-industry. Such reclassifications/classifications are not supported by S&P or MSCI (unaudited). |
4 |
Level 2 security. See Note 4 regarding Fair Value Measurements. |
ADR |
American Depositary Receipt. |
|
All securities are Level 1, unless otherwise noted.
|
See Notes to Schedules of
Investments.
|
|
|
Baron Funds |
|
December 31, 2020 |
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION
Baron Investment Funds Trust (the
Trust) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company established as a Massachusetts business trust on
February 19, 1987, and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 Financial Services Investment
Companies. The Trust currently offers seven series (individually, a Fund and collectively, the Funds): Baron Asset Fund, Baron Growth Fund, Baron Small Cap Fund, Baron Opportunity Fund, Baron Fifth Avenue Growth Fund, Baron
Discovery Fund, and Baron Durable Advantage Fund.
Each Fund offers Retail Shares, Institutional Shares, and R6 Shares. Each class of shares differs only in
its ongoing fees, expenses and eligibility requirements. Retail Shares are offered to all investors. Institutional Shares are for investments in the amount of $1 million or more per Fund. Institutional Shares are intended for certain financial
intermediaries that offer shares of Baron Funds through fee-based platforms, retirement platforms, or other platforms. R6 Shares are for investments in the amount of $5 million or more per Fund. R6 Shares
are available only to qualified 401(a) plans (including 401(k) plans, Keogh plans, profit sharing plans, money purchase pension plans, target benefit plans, defined benefit pension plans, and Taft-Hartley multi-employer pension plans), endowment
funds and foundations, any state, county or city, or its instrumentality, department, authority, or agency, 457 plans, including 457(a) governmental entity plans and tax-exempt plans, accounts registered to
insurance companies, trust companies and bank trust departments, investment companies, both affiliated and not affiliated with BAMCO, Inc. (the Adviser), and any entity that is considered a corporation for tax purposes, including
corporate non-qualified deferred compensation plans of such corporations. Each class of shares has equal rights to earnings and assets, except that each class bears different expenses for distribution and
shareholder servicing. Each Funds investment income, realized and unrealized gains or losses on investments and foreign currency, and expenses other than those attributable to a specific class are allocated to each class based on its relative
net assets. Each class of shares has exclusive voting rights with respect to matters that affect just that class. The investment goals of the Funds are as follows:
Baron Asset Fund seeks capital appreciation through long-term investments primarily in securities of medium-sized
companies with undervalued assets or favorable growth prospects.
Baron Growth Fund seeks capital appreciation through long-term investments primarily in
securities of small-sized growth companies.
Baron Small Cap Fund seeks capital appreciation through investments
primarily in securities of small-sized growth companies.
Baron Opportunity Fund seeks capital appreciation through
investments primarily in growth companies that benefit from technology advances.
Baron Fifth Avenue Growth Fund seeks capital appreciation through
investments primarily in securities of large-sized growth companies.
Baron Discovery Fund seeks capital appreciation
through investments primarily in securities of small-sized growth companies.
Baron Durable Advantage Fund seeks
capital appreciation through long-term investments primarily in securities of large-sized companies.
2.
SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the Funds. The policies are in conformity with
accounting principles generally accepted in the United States of America (GAAP).
a) Security Valuation. The Funds share prices or
net asset values (NAV) are calculated as of the scheduled close of the regular trading session (usually 4 p.m. E.T. or such other time as of which the Funds NAVs are calculated (the NAV Calculation Time)) on the New
York Stock Exchange (the Exchange) on any day the Exchange is scheduled to be open. Portfolio securities traded on any national stock exchange are valued based on the last sale price on the exchange where such shares are principally
traded. For securities traded on NASDAQ, the Funds use the NASDAQ Official Closing Price. If there are no sales on a given day, the value of the security may be the average of the most recent bid and asked quotations on such exchange or the last
sale price from a prior day. Where market quotations are not readily available, or, if in the Advisers judgment, they do not accurately reflect the fair value of a security, or an event occurs after the market close but before the Funds are
priced that materially affects the value of a security, the security will be valued by the Adviser using policies and procedures approved by the Board of Trustees (the Board). Some of the more common reasons that may necessitate that a
security be valued using fair value pricing may include, but are not limited to: trading of the security has been halted or suspended; or the security has not been traded for an extended period of time. The Adviser has a Fair Valuation
Committee (the Committee) comprised of senior management representatives and the Committee reports to the Board every quarter. Factors the Committee may consider when valuing a security include whether a current price is stale, there is
recent news, the security is thinly traded, transactions are infrequent or quotations are genuine. There can be no guarantee, however, that a fair valuation used by the Funds on any given day will more accurately reflect the market value of an
investment than the closing price of such investment in its market. U.S. Government obligations, money market instruments, and other debt instruments held by the Funds with a remaining maturity of 60 days or less are generally valued at amortized
cost, which approximates fair value. Debt instruments having a greater remaining maturity will be valued on the basis of prices obtained from a pricing service approved by the Board or at the mean of the bid and ask prices from the dealer
maintaining an active market in that security. The value of the Funds investments in convertible bonds/convertible preferred stocks is determined primarily by obtaining valuations from independent pricing services based on readily available
bid quotations or, if quotations are not available, by methods which include various considerations such as yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; and general market
conditions. Other inputs used by an independent pricing service to value convertible bonds/convertible preferred stocks generally include underlying stock data, conversion premiums, listed bond and preferred stock prices and other market information
which may include benchmark curves, trade execution data, sensitivity analysis, when available, or an estimated value calculated based on the price of the underlying common share on the valuation date adjusted for accrued and unpaid dividends. Open-end investment companies, including securities lending collateral invested in registered investment company money market funds, are valued at their NAV each day.
Non-U.S. equity securities traded on foreign securities exchanges are generally valued using an independent pricing vendor
that provides daily fair value adjustment factors based on information such as local closing price, relevant general and sector indexes, currency fluctuations, and depositary receipts, as applicable. Securities valued using such adjustment factors
are classified as Level 2 in the fair value hierarchy. The models of the independent pricing vendor generate an adjustment factor for each security, which is applied to the local closing price to adjust it for post-closing market movements up
to the time the Funds are valued and translated into U.S. dollars. If the vendor does not provide an adjustment factor for a security, the security is valued based on its most recent local closing price and translated into U. S. dollars. The Adviser
may also fair value securities in other situations, for example, when a particular foreign market is closed but the Funds are open. Other mutual funds may adjust the prices of their securities by different amounts.
b) Foreign Currency Translations. Values of assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the price of
such currencies at the NAV Calculation Time. Purchases and sales of investments and dividend income are converted at the prevailing rate of exchange on the respective dates of such transactions. Net realized gain (loss) on foreign currency
transactions includes gain (loss) arising from the fluctuation in the exchange rates between trade and settlement dates on security transactions and currency gain (loss) between the accrual and payment dates on dividends and foreign withholding
taxes. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included
with the net realized and unrealized gain or loss from investments and foreign currency transactions. The Funds may invest in foreign securities and foreign currency transactions that may involve risks not associated with domestic investments as a
result of the level of governmental supervision and regulation of foreign securities markets and the possibility of political or economic instability, among others.
c) Securities Lending. The Funds may lend securities to certain brokers under the terms of a master netting agreement. Upon such loans, the Funds receive
collateral which is maintained by the custodian. The Funds may pay fees to the custodian for administering the securities lending program. The Funds earn interest on such collateral and earn income in the form of negotiated lenders fees.
Securities loaned are required to be secured at all times by collateral equal to at least 102% of the market value of the securities loaned. Risks may arise upon entering into securities lending to the extent that the value of the collateral is less
than the value of the securities loaned due to the changes in the value of collateral or the loaned securities. The collateral is marked-to-market daily and settled on
the next business day. The Funds may receive collateral in the form of cash or other eligible securities, such as a letter of credit issued by a U.S. bank or securities issued or guaranteed by the U.S. government. Securities purchased with cash
collateral are subject to the risks inherent in investing in these securities.
The Funds did not participate in securities lending activities during the
three months ended December 31, 2020.
d) Repurchase Agreements. The Funds may invest in repurchase agreements, which are short term investments
whereby the Funds acquire ownership of a debt security and the seller agrees to repurchase the security at a future date at a specified price. When entering into repurchase agreements, it is the Funds policy that their custodian take
possession of the underlying collateral securities, the market value of which, at all times, equals at least 102% of the principal amount of the repurchase transaction. To the extent that any repurchase transaction exceeds one business day, the
value of the collateral is marked-to-market to ensure the adequacy of the collateral. If the seller defaults and the market value of the collateral declines or if
bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited. The information required to be disclosed by FASB Accounting Standards Update No. 2011-11 for the Funds investments in repurchase agreements at December 31, 2020, including the fair value of the repurchase agreement and the amount of collateral, can be found in each respective
Funds Schedule of Investments.
e) Master Limited Partnerships. The Funds may invest in master limited partnerships (MLPs). MLPs are
limited partnerships or limited liability companies, whose partnership units or limited liability interests are listed and traded on a U.S. securities exchange, and are treated as publicly traded partnerships for federal income tax purposes. To
qualify to be treated as a partnership for tax purposes, an MLP must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended. These qualifying sources include
interest, dividend, real property rent, gain from sale or other disposition of real property and income from activities such as the exploration, development, mining, production, processing, refining, transportation, storage and marketing of mineral
or natural resources.
|
|
|
Baron Funds |
|
December 31, 2020 |
3. RESTRICTED SECURITIES
At December 31, 2020,
investments in securities included securities that are restricted and/or illiquid. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, may have contractual restrictions on
resale and are valued pursuant to the policies and procedures for fair value pricing approved by the Board. A security may be considered illiquid if it lacks a readily available market or if its valuation has not changed for a certain period of
time. The Funds may receive more or less than this valuation in an actual sale and that difference could be material. At December 31, 2020, the Funds held investments in restricted and/or illiquid securities that were valued pursuant to
policies and procedures for fair value pricing as follows:
|
|
|
|
|
|
|
|
|
|
|
Baron Asset Fund |
|
Name of Issuer |
|
Acquisition Date(s) |
|
|
Value |
|
Private Preferred Stocks |
|
|
|
|
|
|
|
|
Space Exploration Technologies Corp., Cl N |
|
|
8/4/2020 |
|
|
$ |
26,358,689 |
|
Private Partnerships |
|
|
|
|
|
|
|
|
Windy City Investments Holdings, L.L.C. |
|
|
11/13/2007-1/27/2011 |
|
|
|
184,167 |
|
|
|
|
|
|
|
|
|
|
Total Restricted Securities |
|
|
|
|
|
$ |
26,542,856 |
|
|
|
|
|
|
|
|
|
|
(Cost $ 26,000,460) (0.45 % of Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
Baron Growth Fund |
|
Name of Issuer |
|
Acquisition Date(s) |
|
|
Value |
|
Common Stocks |
|
|
|
|
|
|
|
|
Desktop Metal, Inc. |
|
|
12/9/2020 |
|
|
$ |
21,012,000 |
|
Private Convertible Preferred Stocks |
|
|
|
|
|
|
|
|
Farmers Business Network, Series F |
|
|
7/31/2020 |
|
|
|
11,509,685 |
|
Northvolt AB, Series E |
|
|
9/21/2020 |
|
|
|
11,800,014 |
|
Zymergen Inc., Series D |
|
|
7/29/2020 |
|
|
|
10,314,486 |
|
Private Partnerships |
|
|
|
|
|
|
|
|
Windy City Investments Holdings, L.L.C. |
|
|
11/13/2007-1/27/2011 |
|
|
|
61,992 |
|
|
|
|
|
|
|
|
|
|
Total Restricted Securities |
|
|
|
|
|
$ |
54,698,177 |
|
|
|
|
|
|
|
|
|
|
(Cost $42,774,991) (0.63% of Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
Baron Opportunity Fund |
|
Name of Issuer |
|
Acquisition Date(s) |
|
|
Value |
|
Common Stocks |
|
|
|
|
|
|
|
|
Desktop Metal, Inc. |
|
|
12/9/2020 |
|
|
$ |
8,240,000 |
|
Opendoor Technologies, Inc. |
|
|
12/16/2020 |
|
|
|
31,666,414 |
|
QuantumScape Corp., Cl A |
|
|
11/25/2020 |
|
|
|
16,394,000 |
|
Private Convertible Preferred Stocks |
|
|
|
|
|
|
|
|
Farmers Business Network, Inc., Series F |
|
|
7/31/2020 |
|
|
|
7,384,538 |
|
Rivian Automotive, Inc., Series E |
|
|
7/10/2020 |
|
|
|
11,160,418 |
|
Private Preferred Stocks |
|
|
|
|
|
|
|
|
Space Exploration Technologies Corp., Cl N |
|
|
8/4/2020 |
|
|
|
5,069,021 |
|
|
|
|
|
|
|
|
|
|
Total Restricted Securities |
|
|
|
|
|
$ |
79,914,391 |
|
|
|
|
|
|
|
|
|
|
(Cost $41,722,431) (5.67% of Net Assets) |
|
|
|
|
|
|
|
|
|
See Schedules of Investments for cost of individual securities.
|
|
|
|
Baron Funds |
|
December 31, 2020 |
4. FAIR VALUE MEASUREMENTS
Fair value is defined by GAAP as
the price that the Funds would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. GAAP provides a three-tier hierarchy to maximize the use of observable
market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability.
Inputs may be observable or unobservable. Observable inputs are based on market data obtained from sources independent of the Funds. Unobservable inputs are inputs that reflect the Funds own assumptions based on the best information available
in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.
|
|
|
Level 1 quoted prices in active markets for identical assets or liabilities; |
|
|
|
Level 2 prices determined using other inputs that are observable either directly or indirectly through
corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); |
|
|
|
Level 3 prices determined using unobservable inputs when quoted prices or observable inputs are
unavailable, such as when there is little or no market activity for an asset or liability (unobservable inputs reflect each Funds own assumptions in determining the fair value of assets or liabilities and would be based on the best information
available). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk or liquidity associated
with investing in those securities. For example, non-U.S. securities, with markets that close hours before the Funds value their holdings, may require revised valuations to more accurately reflect their fair
value. Since these values obtained from quoted prices in an active market are adjusted, such securities are reflected as Level 2.
The Funds have
procedures to determine the fair value of securities and other financial instruments for which market prices are not readily available or which may not be reliably priced. Under these procedures, the Funds primarily employ a market-based approach
that may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine its fair value. The Funds may also use an income-based valuation approach in
which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty
of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.
The
following is a summary of the inputs used as of December 31, 2020 in valuing the Funds investments carried at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baron Asset Fund |
|
Description |
|
Quoted Prices in Active Markets for
Identical Assets (Level 1) |
|
|
Other Observable Inputs (Level
2) |
|
|
Unobservable Inputs (Level 3) |
|
|
Total |
|
Common Stocks |
|
$ |
5,877,785,086 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
5,877,785,086 |
|
Private Preferred Stocks |
|
|
|
|
|
|
|
|
|
|
26,358,689 |
|
|
|
26,358,689 |
|
Private Partnerships |
|
|
|
|
|
|
|
|
|
|
184,167 |
|
|
|
184,167 |
|
Short Term Investments |
|
|
|
|
|
|
5,341,808 |
|
|
|
|
|
|
|
5,341,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments |
|
$ |
5,877,785,086 |
|
|
$ |
5,341,808 |
|
|
$ |
26,542,856 |
|
|
$ |
5,909,669,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baron Growth Fund |
|
Description |
|
Quoted Prices in Active Markets for
Identical Assets (Level 1) |
|
|
Other Observable Inputs (Level
2) |
|
|
Unobservable Inputs (Level 3) |
|
|
Total |
|
Common Stocks |
|
$ |
8,602,169,814 |
|
|
$ |
28,167,426 |
|
|
$ |
21,012,000 |
|
|
$ |
8,651,349,240 |
|
Private Convertible Preferred Stocks |
|
|
|
|
|
|
|
|
|
|
33,624,185 |
|
|
|
33,624,185 |
|
Private Partnerships |
|
|
|
|
|
|
|
|
|
|
61,992 |
|
|
|
61,992 |
|
Warrants |
|
|
|
|
|
|
526,972 |
|
|
|
|
|
|
|
526,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments |
|
$ |
8,602,169,814 |
|
|
$ |
28,694,398 |
|
|
$ |
54,698,177 |
|
|
$ |
8,685,562,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Schedules of Investments for additional detailed categorizations. |
|
|
|
Baron Funds |
|
December 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baron Small Cap Fund |
|
Description |
|
Quoted Prices in Active Markets for Identical Assets (Level 1) |
|
|
Other Observable Inputs (Level 2) |
|
|
Unobservable Inputs (Level 3) |
|
|
Total |
|
Common Stocks |
|
$ |
4,933,766,217 |
|
|
$ |
47,096,733 |
|
|
$ |
|
|
|
$ |
4,980,862,950 |
|
Warrants |
|
|
1,936,968 |
|
|
|
1,424,241 |
|
|
|
|
|
|
|
3,361,209 |
|
Short Term Investments |
|
|
|
|
|
|
100,518,496 |
|
|
|
|
|
|
|
100,518,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments |
|
$ |
4,935,703,185 |
|
|
$ |
149,039,470 |
|
|
$ |
|
|
|
$ |
5,084,742,655 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baron Opportunity Fund |
|
Description |
|
Quoted Prices in Active Markets for Identical Assets (Level 1) |
|
|
Other Observable Inputs (Level 2) |
|
|
Unobservable Inputs (Level 3) |
|
|
Total |
|
Common Stocks |
|
$ |
1,260,594,745 |
|
|
$ |
11,924,723 |
|
|
$ |
56,300,414 |
|
|
$ |
1,328,819,882 |
|
Private Convertible Preferred Stocks |
|
|
|
|
|
|
|
|
|
|
18,544,956 |
|
|
|
18,544,956 |
|
Private Preferred Stocks |
|
|
|
|
|
|
|
|
|
|
5,069,021 |
|
|
|
5,069,021 |
|
Short Term Investments |
|
|
|
|
|
|
63,760,671 |
|
|
|
|
|
|
|
63,760,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments |
|
$ |
1,260,594,745 |
|
|
$ |
75,685,394 |
|
|
$ |
79,914,391 |
|
|
$ |
1,416,194,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baron Fifth Avenue Growth Fund |
|
Description |
|
Quoted Prices in Active Markets for Identical Assets (Level 1) |
|
|
Other Observable Inputs (Level 2) |
|
|
Unobservable Inputs (Level 3) |
|
|
Total |
|
Common Stocks |
|
$ |
680,671,650 |
|
|
$ |
14,447,776 |
|
|
$ |
|
|
|
$ |
695,119,426 |
|
Short Term Investments |
|
|
|
|
|
|
32,548,605 |
|
|
|
|
|
|
|
32,548,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments |
|
$ |
680,671,650 |
|
|
$ |
46,996,381 |
|
|
$ |
|
|
|
$ |
727,668,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baron Discovery Fund |
|
Description |
|
Quoted Prices in Active Markets for Identical Assets (Level 1) |
|
|
Other Observable Inputs (Level 2) |
|
|
Unobservable Inputs (Level 3) |
|
|
Total |
|
Common Stocks |
|
$ |
1,200,234,495 |
|
|
$ |
31,410,786 |
|
|
$ |
|
|
|
$ |
1,231,645,281 |
|
Short Term Investments |
|
|
|
|
|
|
88,072,991 |
|
|
|
|
|
|
|
88,072,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments |
|
$ |
1,200,234,495 |
|
|
$ |
119,483,777 |
|
|
$ |
|
|
|
$ |
1,319,718,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baron Durable Advantage Fund |
|
Description |
|
Quoted Prices in Active Markets for Identical Assets (Level 1) |
|
|
Other Observable Inputs (Level 2) |
|
|
Unobservable Inputs (Level 3) |
|
|
Total |
|
Common Stocks |
|
$ |
17,006,713 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
17,006,713 |
|
Short Term Investments |
|
|
|
|
|
|
797,763 |
|
|
|
|
|
|
|
797,763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments |
|
$ |
17,006,713 |
|
|
$ |
797,763 |
|
|
$ |
|
|
|
$ |
17,804,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Schedules of Investments for additional detailed categorizations. |
The following is a reconciliation of investments in which unobservable inputs (Level
3) were used in determining fair value:
|
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|
|
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|
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|
|
|
|
|
|
|
|
|
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|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baron Asset Fund |
|
Investments in Securities |
|
Balance as
of September 30, 2020 |
|
|
Accrued Premiums/ Discounts |
|
|
Net Realized Gain (Loss) |
|
|
Change in Net Unrealized Appreciation (Depreciation) |
|
|
Purchases |
|
|
Sales/ Distributions |
|
|
Transfers Into Level 3 |
|
|
Transfers Out of Level
3 |
|
|
Balance as of December 31, 2020 |
|
|
Change in Net Unrealized Appreciation (Depreciation) from Investments still held
at December 31, 2020 |
|
Private Preferred Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrials |
|
$ |
23,258,856 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
3,099,833 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
26,358,689 |
|
|
$ |
3,099,833 |
|
Private Partnerships |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financials |
|
|
182,756 |
|
|
|
|
|
|
|
|
|
|
|
1,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
184,167 |
|
|
|
1,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
23,441,612 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
3,101,244 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
26,542,856 |
|
|
$ |
3,101,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baron Growth Fund |
|
Investments in Securities |
|
Balance as of September 30, 2020 |
|
|
Accrued Premiums/ Discounts |
|
|
Net Realized Gain (Loss) |
|
|
Change in Net Unrealized Appreciation (Depreciation) |
|
|
Purchases |
|
|
Sales/ Distributions |
|
|
Transfers Into Level 3 |
|
|
Transfers Out of Level 3 |
|
|
Balance as of December 31, 2020 |
|
|
Change in Net Unrealized Appreciation (Depreciation)
from Investments still held at December 31, 2020 |
|
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
8,262,000 |
|
|
$ |
12,750,000 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
21,012,000 |
|
|
$ |
8,262,000 |
|
Private Convertible Preferred Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrials |
|
|
8,377,635 |
|
|
|
|
|
|
|
|
|
|
|
3,422,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,800,014 |
|
|
|
3,422,379 |
|
Materials |
|
|
18,350,623 |
|
|
|
|
|
|
|
|
|
|
|
3,473,548 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,824,171 |
|
|
|
3,473,548 |
|
Private Partnerships |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financials |
|
|
61,517 |
|
|
|
|
|
|
|
|
|
|
|
475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61,992 |
|
|
|
475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
26,789,775 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
15,158,402 |
|
|
$ |
12,750,000 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
54,698,177 |
|
|
$ |
,15,158,402 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baron Opportunity Fund |
|
Investments in Securities |
|
Balance as of September 30, 2020 |
|
|
Accrued Premiums/ Discounts |
|
|
Net Realized Gain (Loss) |
|
|
Change in Net Unrealized Appreciation (Depreciation) |
|
|
Purchases |
|
|
Sales/ Distributions |
|
|
Transfers Into Level 3 |
|
|
Transfers Out of Level 3 |
|
|
Balance as of December 31, 2020 |
|
|
Change in Net Unrealized Appreciation (Depreciation)
from Investments still held at December 31, 2020 |
|
Common Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
14,394,000 |
|
|
$ |
2,000,000 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
16,394,000 |
|
|
$ |
14,394,000 |
|
Industrial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,240,000 |
|
|
|
5,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,240,000 |
|
|
|
3,240,000 |
|
Real Estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,694,114 |
|
|
|
14,972,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,666,414 |
|
|
|
16,694,114 |
|
Private Convertible Preferred Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary |
|
|
7,892,183 |
|
|
|
|
|
|
|
|
|
|
|
3,268,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,160,418 |
|
|
|
3,268,235 |
|
Materials |
|
|
6,542,346 |
|
|
|
|
|
|
|
|
|
|
|
842,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,384,538 |
|
|
|
842,192 |
|
Private Preferred Stocks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrials |
|
|
4,472,894 |
|
|
|
|
|
|
|
|
|
|
|
596,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,069,021 |
|
|
|
596,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
18,907,423 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
39,034,668 |
|
|
$ |
21,972,300 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
79,914,391 |
|
|
$ |
39,034,668 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baron Funds |
|
December 31, 2020 |
Unobservable valuation inputs developed by the Adviser for significant (greater than 1% of net assets) Level 3 investments as of December 31, 2020
were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baron Opportunity Fund |
|
|
|
|
|
|
|
Sector |
|
Company |
|
Fair Value as of
December 31,
2020 |
|
|
Valuation Technique |
|
Unobservable Input |
|
Weighted Average
used on
December 31, 2020 |
|
Range used on
December 31, 2020 |
Common Stocks: Consumer
Discretionary |
|
QuantumScape Corp. |
|
$ |
16,394,000 |
|
|
Discount for lack of marketability calculated using option pricing |
|
Discount for lack of marketability |
|
2.94% |
|
2.94% |
|
Estimated volatility of the returns of
equity1 |
|
81.26% |
|
81.26% |
Common Stocks: Real
Estate |
|
Opendoor Technologies, Inc. |
|
$ |
14,972,300 |
|
|
Discount for lack of marketability calculated using option pricing |
|
Discount for lack of marketability |
|
6.94% |
|
6.94% |
|
Estimated volatility of the returns of
equity1 |
|
106.83% |
|
106.83% |
Private Convertible Preferred Stocks:
Consumer Discretionary |
|
Rivian
Automotive LLC |
|
$ |
11,160,418 |
|
|
Combination of recent transaction, current value
via comparable companies, option-pricing, and scenario analysis methods. |
|
Change in the composite equity index of comparable companies |
|
0.02% |
|
-4.62% 1.57% |
|
Discount for lack of marketability |
|
16.20% |
|
16.20% |
|
Estimated volatility of the returns of equity2 |
|
62.25% |
|
28.48% 89.46% |
|
Scenario Probabilities: Scenario A / Scenario B |
|
90% / 10% |
|
10% 90% |
Private Convertible Preferred Stocks:
Materials |
|
Farmers
Business Network,
Inc. |
|
$ |
7,384,538 |
|
|
Combination of
recent transaction, current value via
comparable companies, option-pricing,
and scenario analysis
methods. |
|
Change in the composite equity index of comparable companies |
|
-0.59% |
|
-4.31% 3.08% |
|
Discount for lack of marketability |
|
22.35% |
|
22.35% |
|
Estimated volatility of the returns of
equity3 |
|
60.04% |
|
38.51% 113.56% |
|
Scenario Probabilities: Scenario A / Scenario B |
|
90% / 10% |
|
10% 90% |
Private Preferred Stocks:
Industrials |
|
Space Exploration Technologies Corp. |
|
$ |
5,069,021 |
|
|
Combination of
discounted cash flow analysis, current
value via comparable companies,
option- pricing, and arms-length
transaction methods. |
|
Change in the composite equity index of comparable companies |
|
0.02% |
|
-7.82% 1.44% |
|
Discount for lack of marketability |
|
5.70% |
|
5.70% |
|
Estimated volatility of the returns of
equity4 |
|
49.80% |
|
40.33% 69.59% |
1 |
The volatility was calculated using the daily returns of the publicly traded stock of the company.
|
2 |
The volatility was calculated as a weighted-average of the volatilities of the individual comparable companies.
Some companies have a higher weight in the calculation than others. |
3 |
The volatility was calculated as a weighted-average of the volatilities of two groups of comparable companies with
different industry focus. Each groups volatility was calculated as the simple average volatilities of comparable companies in the group. |
4 |
The volatility was calculated as a weighted-average of the volatilities used for the two business segments of the
company. Each business segments volatility was calculated as the simple average volatilities of comparable companies relevant to that business segment. |
|
|
|
Baron Funds |
|
December 31, 2020 |
5. COST OF INVESTMENTS FOR INCOME TAX PURPOSES
As of
December 31, 2020, the components of net assets on a tax basis were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baron Asset Fund |
|
|
Baron Growth Fund |
|
|
Baron Small Cap Fund |
|
|
Baron Opportunity Fund |
|
|
Baron Fifth Avenue Growth Fund |
|
|
Baron Discovery Fund |
|
|
Baron Durable Advantage Fund |
|
Cost of investments |
|
$ |
1,733,369,619 |
|
|
$ |
1,472,691,352 |
|
|
$ |
1,892,566,799 |
|
|
$ |
736,022,147 |
|
|
$ |
382,479,714 |
|
|
$ |
801,887,041 |
|
|
$ |
13,818,245 |
|
Gross tax unrealized appreciation |
|
$ |
4,179,515,594 |
|
|
$ |
7,212,871,037 |
|
|
$ |
3,200,701,611 |
|
|
$ |
680,819,020 |
|
|
$ |
346,333,193 |
|
|
$ |
549,354,264 |
|
|
$ |
3,986,231 |
|
Gross tax unrealized depreciation |
|
|
(3,215,463) |
|
|
|
|
|
|
|
(8,525,755) |
|
|
|
(646,637) |
|
|
|
(1,144,876) |
|
|
|
(31,523,033) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized appreciation |
|
$ |
4,176,300,131 |
|
|
$ |
7,212,871,037 |
|
|
$ |
3,192,175,856 |
|
|
$ |
680,172,383 |
|
|
$ |
345,188,317 |
|
|
$ |
517,831,231 |
|
|
$ |
3,986,231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6. TRANSACTIONS IN AFFILIATED COMPANIES1
BARON GROWTH FUND
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Name of Issuer |
|
Value at September 30, 2020 |
|
|
Purchase Cost |
|
|
Sales Proceeds/ Return
of Capital |
|
|
Change in Net Unrealized Appreciation (Depreciation) |
|
|
Realized Gains/ (Losses) |
|
|
Dividend Income |
|
|
Shares Held at December
31, 2020 |
|
|
Value at December 31, 2020 |
|
|
% of Net Assets at December 31, 2020 |
|
Affiliated Company as of December 31, 2020: |
|
Choice Hotels International, Inc. |
|
$ |
257,880,000 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
62,310,000 |
|
|
$ |
|
|
|
$ |
|
|
|
|
3,000,000 |
|
|
$ |
320,190,000 |
|
|
|
3.70% |
|
Iridium Communications, Inc. |
|
|
226,383,000 |
|
|
|
|
|
|
|
515,056 |
|
|
|
121,163,571 |
|
|
|
404,860 |
|
|
|
|
|
|
|
8,835,000 |
|
|
|
347,436,375 |
|
|
|
4.01% |
|
|
|
|
|
|
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|
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|
|
|
|
$ |
484,263,000 |
|
|
$ |
|
|
|
$ |
515,056 |
|
|
$ |
183,473,571 |
|
|
$ |
404,860 |
|
|
$ |
|
|
|
|
|
|
|
$ |
667,626,375 |
|
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|
No longer an Affiliated Company as of December 31,
2020: |
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|
|
|
|
|
|
|
Vail Resorts, Inc. |
|
$ |
436,498,800 |
|
|
|
|
|
|
$ |
10,141,130 |
|
|
$ |
123,691,038 |
|
|
$ |
7,871,292 |
|
|
|
|
|
|
|
2,000,000 |
|
|
$ |
557,920,000 |
|
|
|
6.44% |
|
|
|
|
|
|
|
|
|
|
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|
BARON SMALL CAP FUND
|
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|
Name of Issuer |
|
Value at September 30, 2020 |
|
|
Purchase Cost |
|
|
Sales Proceeds/ Return of Capital |
|
|
Change in
Net Unrealized Appreciation (Depreciation) |
|
|
Realized Gains/ (Losses) |
|
|
Dividend Income |
|
|
Shares Held at December
31, 2020 |
|
|
Value at December 31, 2020 |
|
|
% of Net Assets at December 31, 2020 |
|
Affiliated Company as of December 31, 2020: |
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|
|
Installed Building Products, Inc. |
|
$ |
170,431,250 |
|
|
$ |
|
|
|
$ |
|
|
|
$ |
301,500 |
|
|
|
|
|
|
|
|
|
|
|
1,675,000 |
|
|
$ |
170,732,750 |
|
|
|
3.36% |
|
|
|
|
|
|
|
|
|
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|
|
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|
|
|
No longer an Affiliated Company as of December 31,
2020: |
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|
|
Paya Holdings, Inc. (formerly, FinTech Acquisition Corp. III)2 |
|
|
25,775,000 |
|
|
|
10,583,653 |
|
|
$ |
|
|
|
|
11,171,347 |
|
|
|
|
|
|
|
|
|
|
|
3,500,000 |
|
|
|
47,530,000 |
|
|
|
0.94% |
|
Repay Holdings Corporation |
|
|
88,762,203 |
|
|
|
|
|
|
|
6,711,771 |
|
|
|
6,612,797 |
|
|
|
6,711,771 |
|
|
|
|
|
|
|
3,500,000 |
|
|
|
95,375,000 |
|
|
|
1.88% |
|
UTZ Brands, Inc. |
|
|
73,390,000 |
|
|
|
|
|
|
|
|
|
|
|
17,056,000 |
|
|
|
|
|
|
|
246,000 |
|
|
|
4,100,00 |
|
|
|
90,446,000 |
|
|
|
1.78% |
|
Whole Earth Brands, Inc. |
|
|
16,680,000 |
|
|
|
|
|
|
|
16,757,891 |
|
|
|
3,320,000 |
|
|
|
(3,242,109) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.00% |
|
Whole Earth Brands, Inc., Warrants Exp 6/25/2025 |
|
|
1,333,420 |
|
|
|
|
|
|
|
|
|
|
|
603,548 |
|
|
|
|
|
|
|
|
|
|
|
1,403,600 |
|
|
|
1,936,968 |
|
|
|
0.04% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
205,940,623 |
|
|
$ |
10,583,653 |
|
|
$ |
23,469,662 |
|
|
$ |
38,763,692 |
|
|
$ |
3,469,662 |
|
|
$ |
246,000 |
|
|
|
|
|
|
$ |
235,287,968 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
1 |
An Affiliated company (affiliated person as defined in the 1940 Act), is a company in
which a Fund held 5% or more of the companys outstanding voting securities at any time during the three months ended December 31, 2020. |
2 |
No longer an Affiliated company due to merger with Paya Holdings, Inc. on October 19, 2020.
|
|
|
|
Baron Funds |
|
December 31, 2020 |
7. COVID-19 RISK
The
coronavirus disease 2019 (COVID-19) global pandemic and the aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing
prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, have had negative impacts, and general uncertainty on markets worldwide. It is not known how long such impacts, or
any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your Fund investment.
8. SUBSEQUENT EVENT
On November 12, 2020, the President of
the United States issued an Executive Order (the Order) to prohibit, beginning January 11, 2021, U.S. persons (which includes the Funds) from transacting in certain securities and derivatives of publicly traded securities of any of 31
companies designated as a Communist Chinese military company (collectively with securities of certain subsidiaries of such companies and related depositary receipts that may be covered by the Order, CCMC Securities) by the
U.S. Department of Defense (the DOD) or the U.S. Department of the Treasurys Office of Foreign Assets Control (OFAC), unless such transactions are for purposes of divestment and occur through November 11, 2021. In the
weeks following the issuance of the Order, the DOD designated an additional 13 companies as CCMCs, bringing the current total to 44 companies designated to date. Also subsequent to issuance of the Order, OFAC extended the effective date of the
trading ban from January 11, 2021 to January 28, 2021. In addition, U.S. persons also are prohibited from transacting in newly designated CCMC Securities 60 days after such designation. As clarified by an amendment to the Order dated January 13,
2021, and subsequent guidance from OFAC, U.S. persons may divest their holdings in the 31 CCMCs initially designated at any time through November 11, 2021 (and have 365 days from date of designation to divest their holdings in other CCMCs).
OFAC subsequently published, on several occasions, guidance regarding compliance with the Order, including several Frequently Asked Questions
(FAQs)-style publications addressing the scope of, and interpretive matters regarding, compliance with the Order, as well as the Orders application to U.S. funds that hold CCMC Securities (i.e., including mutual funds that hold CCMC Securities
regardless of the size of the position relative to a funds total assets). Certain interpretive issues related to compliance with the Order remain open, including to what extent a U.S. person could be held liable for failing to identify an
unlisted entity whose name close matches the name of an entity designated as a Communist Chinese military company.
A Funds holdings in CCMC
Securities may adversely impact the Funds performance. The extent of any impact will depend on future developments, including a Funds ability to sell the CCMC Securities, valuation of the CCMC Securities, modifications to the Order, the
issuance of additional or different interpretive guidance regarding compliance with the Order, and the duration of the Order, all of which are highly uncertain. Fund management will continue to monitor developments relating to the Order.